receivership

American  

[ri-see-ver-ship] / rɪˈsi vərˌʃɪp /

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.

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receivership British  

/ rɪˈsiːvəʃɪp /

noun

1. the office or function of a receiver

2. the condition of being administered by a receiver

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Etymology

Origin of receivership

First recorded in 1475–85; receiver + -ship

Example Sentences

One of the lawsuits that Lu filed in Mauritius prompted a court there to freeze Afrinic’s bank accounts in July 2021, effectively paralyzing the organization and eventually sending it into receivership.

From The Wall Street Journal

The only viable solution is to place schools in “receivership,” a well-established procedure to reform ailing college departments.

From The Wall Street Journal

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.

From Los Angeles Times

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

From The Wall Street Journal

A financially troubled skyscraper in downtown Los Angeles has gone into receivership as office landlords there struggle to keep their buildings leased.

From Los Angeles Times