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 ?
A shareholder may receive back an installment obligation for a corporation's asset sale, in complete corporate liquidation under Sec.
Assuming he requires leave for eight weeks, Bob will receive a partial wage for all six weeks following the week his employer required him to take vacation, leaving one week without vacation pay or wage replacement.
35) Constructive receipt will not be barred, however, if the rights that the taxpayer must surrender to receive the income are not "sufficiently substantial.
Commonly, when real estate partnerships desire to split up, certain partners receive cash ("cash-out partners"); the remaining partners exchange tax free into other real estate.
Thus, Lincoln Elementary in Tulare County was ranked first in the state among elementary schools because it improved its API score by 189 points over the previous year, putting its certificated staff first in line to receive the $25,000 bonuses.
THE IRS MUST EXERCISE DUE DILIGENCE to determine the address at which a taxpayer can receive a deficiency notice.
If the insurer purchases the annuity and retains exclusive ownership, the plaintiff in a physical injury action (who was designated to receive the annuity payments) may fully exclude these payments from gross income, not merely their discounted present value.
It also said taxpayers would receive another notice indicating when their 1994 return was processed.
CPO holders who do not wish to receive the CPO stock dividend can elect to receive a cash payment of US$0.
R does not receive any payments related to the services from P, X or the tenants.
451-1(a), income is includible in gross income, under the accrual method, when all the events have occurred that fix the right to receive such income and the amount can be determined with reasonable accuracy.
The escrow agreement may place restrictions or limits on the seller's right to receive the escrowed sales proceeds.