IVA Glossary
R
Receivership
Receivership is the specific term used for the situation when a person is appointed as an administrative or general receiver of certain specific assets. Based on the Law of Property Act originating from 1925, the term "receivership" denotes the specific situation when secured creditors who hold charges over certain assets of a company appoint receivers who have to reclaim and collect these assets.
The term is also used with a special meaning in law, where it refers to the situation in which some kind of institution or company is represented by a receiver - a person placed in responsibility relating to guardianship for the assets of others. These assets might be tangible assets as well as intangible licenses, rights, or other kinds of assets.
There are many kinds of receiver appointments such as:
- Receivers appointed by the government in pursuance of a statute
- Receivers appointed by a Court
- Receivers appointed privately
No matter which is the case, a receiver must have an appropriate document that underlines his or her appointment. These documents are a statute in the first case, a court order (if the receiver is appointed by the Court) or a financing agreement.
The term is also used with a special meaning in law, where it refers to the situation in which some kind of institution or company is represented by a receiver - a person placed in responsibility relating to guardianship for the assets of others. These assets might be tangible assets as well as intangible licenses, rights, or other kinds of assets.
There are many kinds of receiver appointments such as:
- Receivers appointed by the government in pursuance of a statute
- Receivers appointed by a Court
- Receivers appointed privately
No matter which is the case, a receiver must have an appropriate document that underlines his or her appointment. These documents are a statute in the first case, a court order (if the receiver is appointed by the Court) or a financing agreement.
