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receiver


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A person exercising any form of receivership. In bankruptcy, the official receiver becomes receiver and manager of the bankrupt's estate. Where there is a floating charge over the whole of a company's property, which was created before 16 September 2003, and a crystallizing event has occurred, an administrative receiver may be appointed to manage the whole of the company's business. The administrative receiver will have wide powers to carry on the business of the company, take possession of its property, commence liquidation, etc. A receiver appointed in respect of a fixed charge can deal with the property covered by the charge only, and has no power to manage the company's business.

Subjects: Economics.


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