receivership

[ri-see-ver-ship]

noun

Law.

1. the condition of being in the hands of a receiver.

2. the position or function of being a receiver in charge of administering the property of others.

receivership

/ rɪˈsiːvəʃɪp /

noun

1. the office or function of a receiver

2. the condition of being administered by a receiver

Word History and Origins

Origin of receivership¹

First recorded in 1475–85; receiver + -ship

Example Sentences

California Attorney general filed a civil case against Shangri-La Industries in January 2024 seeking the return of more than $100 million in Project Homekey funds and asking the court to place seven properties in receivership.

Read more on Los Angeles Times

“The DOJ’s request is almost literally without precedent. No state judge in California history has ever placed a correctional institution into receivership.”

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Its lender, Truist Bank, placed the distiller under receivership, alleging that it defaulted on a $26 million loan, court papers show.

Read more on The Wall Street Journal

At the request of lenders, a judge appointed Trigild, a receivership service, to take control of the 1 million-square-foot property, the Real Deal reported.

Read more on Los Angeles Times

“I don’t believe a receivership approach will be successful without changes to the staff and the employment agreement that governs how these halls operate.”

Read more on Los Angeles Times