Receivership
/rɪˈsiːvərʃɪp/
Definition 1 of 1
Pro Tip 1/3Legal Process
Receivership is a legal process and involves the court. 
Due to severe financial problems, the court ordered the company into receivership.
Pro Tip 2/3Not Bankruptcy
Receivership is different from bankruptcy, though they both deal with debt issues. 
While the company was in receivership, they tried to avoid filing for bankruptcy.
Pro Tip 3/3Court-Appointed Manager
A receiver is a person the court appoints to oversee the company. 
A receiver took control of the assets during the period of receivership.