the.com/receivership
Adult supervision a judge installs after your finances throw a tantrum.
means A court-ordered arrangement in which a neutral person (the receiver) takes temporary control of a troubled company's or person's assets to protect and manage them, usually while debts get sorted out.
from Built from 'receive' — Latin recipere, 'to take back, take in' — plus the legal-office suffix '-ship.' A 'receiver' originally just meant someone who receives or holds something for another; by the 1800s English and American courts had turned it into a formal title for the officer appointed to receive and manage property caught in a lawsuit or bankruptcy. 'Receivership' followed as the name for that officer's role and the state of being under it — the condition of having your affairs literally handed over to someone else to hold.
- who runs it
- court-appointed receiver, not the owner
- owner status
- loses control but keeps the title
- goal
- preserve and sell assets, not punish
- not bankruptcy
- company can still survive and exit