Dictionary

  • Receiver

    A neutral administrator, appointed by a secured creditor or a court to take charge of the affairs and property of a company until its debts are paid or a court matter is settled. The duty of a receiver is to secure the amount of money owed to the creditors of a company which is in receivership usually because it is experiencing financial difficulty. The receivers powers are stipulated by the court or by the terms of the creditor’s security and the document appointing the receiver. The appointment of a receiver is an old equitable remedy, though appointment by a court is now authorised.

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