receivership
noun [ U ]
uk/rɪˈsiːvəʃɪp/ us LAW
a situation in which a bankrupt company is under the control of a receiver:
Within hours of the business going into receivership, a bid was made for its wholesale business.
collapse/fall/be forced into receivership
be in/under receivership Many sectors of the economy have companies that are in receivership.
put/place sth in receivership A federal judge has threatened to place the agency in receivership if improvements are not made.
buy/sell sth out of receivership Fellow board members backed Reichmann when he bought the company out of receivership.
administrative/court/voluntary receivership