1. the state of being controlled by an official receiver, typically when a business is unable to pay its debts
Usage: legal; business

Examples

• The company went into receivership after failing to meet its loan payments.
• During receivership, the business operations were overseen by court-appointed officials.
• The bank placed the failing corporation into receivership to protect creditors’ interests.
• Assets were sold off while the company remained in receivership.
• The receivership process lasted eighteen months before the business was dissolved.
• Employees were laid off when the factory entered receivership.
• The receiver managed the company’s affairs throughout the receivership period.