receiver

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Receiver

A bankruptcy practitioner appointed by secured creditors to oversee the repayment of debts.

Receiver

In corporate bankruptcy, a person or entity whom a court or regulator appoints as custodian to administer all assets and debts. The receiver's main duty is to pay off as many debts as possible as cheaply as possible. One obvious way to do this is to liquidate the company, but this is not always done. The receiver may restructure the company to put it on a path toward solvency. Some jurisdictions have a very short period during which a receiver may operate, sometimes as brief as two weeks. When a receiver has only this long, he/she usually liquidates the company.

When a receiver is appointed, the company is said to be in receivership. In the United States, different financial regulators have the authority to decide whether receiverships are necessary. The Office of Thrift Supervision may do this for savings and loans; the Office of the Comptroller of the Currency may do it for national banks. In any federally-chartered savings and loan or bank, the FDIC must be appointed receiver.

receiver

A person assigned by a court to handle affairs and assets of a business in bankruptcy proceedings. The receiver is charged with overseeing the firm for the benefit of its creditors and stockholders.

receiver

see INSOLVENCY, LIQUIDATION.
References in periodicals archive ?
Ms Turley believes 11 proposals regarding the plant were initially put forward to the Official Receiver.
The official receiver takes an inventory of a company's property -- immoveable, shares, companies, bank accounts -- and may only sell what is otherwise perishable.
The Official Receiver, Mr Gordon points out, has no involvement in a case before the County Court judgement so there is no assistance given to the process of people going into bankruptcy or liquidation.
Unless Dr Dutt contacts them to sort out his cash problems the Official Receiver will 'suspend his discharge', which means he will remain bankrupt.
The Official Receiver would not comment on how many people had been dismissed or the extent of debts accumulated by Ciro Citterio.
Because of the lack of company records, the Official Receiver has only been able to identify a small number of the investors who have lost money to the company.
An Insolvency Service spokesperson said it was too early to know the cost but added: "The official receiver is now drawing up a plan to safely manage the closure.
It was told Rodrigues continually failed to cooperate with the Official Receiver and that his haulage firm failed to file any VAT returns during his time in business.
Details have been passed to the Official Receiver, who will assess the assets and liabilities of the company.
Paul Titherington, Official Receiver at Public Interest Unit, said: The company persuaded members of the public to part with substantial sums by falsely claiming that customers would be able to easily sell the units and make large profits.
Since Redcar steelworks operator SSI UK went into liquidation, the Official Receiver allowed batches of coal to be bought to keep the coke ovens operating.
They had a legal right to claim the items as salvage as long as they notified the official Receiver of Wreck, Sophia Exelby.