Receivership

What is a receiver and manager?

A receiver and manager is an independent, qualified outsider appointed over a company during a receivership to perform two tasks:

  1. Take control of some or all of the company’s assets (also known as the security interest)
  2. Take control of the company itself

A receiver and manager is different from a receiver, who performs only the first of those two tasks.

Receivers and managers are generally by secured creditors (although in special circumstances they’re appointed by courts).