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 ?
The guidance covers, among other things, what a receiver is, who can act as one and how they are appointed; what the receiver is responsible for; when a lender should consider appointing a receiver; and the relationship between the receiver, the borrower and the lender.
Most secured lenders require a provision in the loan documents for the appointment of a receiver as an express condition to granting a loan.
When a lender asks for a real estate manager to be the receiver, it usually is in anticipation of the manager's firm being hired to manage the property.
Permission for the appointment of a 'receiver' will be obtained from the concerned accountability court, said sources.
Bolt gun custom builders do square the fronts of their receivers and have been doing so for decades.
He said once the property has been forfeited to the state, its ownership vests on government and the Receiver hands it over so that it can be registered in the register of government assets and be distributed in accordance with the rules governing the distribution of government assets.
(5) A description of the duties, authority and powers of the receiver
The MIPRO ACT 8 Digital Series wireless systems now also offer customers a Dante capable version of the ACT-828 Dual Channel Receiver. Another addition to the MIPRO ACT 8 Series is the ACT-848 Digital Quad Channel Receiver, which is also available in a Dante version.
"Honeywell's Integrated Multi-Mode Receiver is currently the only comprehensive and fully-digital navigation receiver to support the airline industry," said Carl Esposito, president, Electronic Solutions, Honeywell Aerospace.
The LoPro's receivers are 80% shorter than other loaders/receivers.
To get the most out of that supped up set up that you installed, you have to invest in a matching receiver too (ya, ya lose some more of the wallet weight).
Details such as the minimum distance that is required between the receiver devices to make sure that they don't identify their positions as identical when receiving authentic signals due to inaccuracies that will inevitably occur." According to the latest findings, the minimum distance between the devices should range between two and three meters.