receivership

[ ri-see-ver-ship ]

noun

, Law.

1. the condition of being in the hands of a receiver.
2. the position or function of being a receiver in charge of administering the property of others.

receivership

/ rɪˈsiːvəʃɪp /

noun

1. the office or function of a receiver
2. the condition of being administered by a receiver

Word History and Origins

Origin of receivership¹

First recorded in 1475–85; receiver + -ship

Example Sentences

Staley and other tenants said the Produce had deteriorated over the previous two weeks since the building had been sold out of receivership to Beverly Hills developer Leo Pustilnikov.

From Los Angeles Times

County Administrator James Morris said the new high school is an example of the rapid progress the district is making to pull itself out of receivership.

From Los Angeles Times

The city’s bill for the receivership is at least $37 million, though some of that amount is expected to be repaid once the sales approved Wednesday close.

From Los Angeles Times

Leo Pustilnikov, 38, will buy 17 buildings owned by the nonprofit Skid Row Housing Trust, which had financially collapsed into receivership last year.

From Los Angeles Times

Ultimately Shangri-La defaulted on payments, sending the projects into receivership and, eventually, foreclosure.

From Los Angeles Times