receivership
C1CEFR level
75/100Rarity: rare
TechnicalRegister
Law noun
The state of a company whose assets are under the control of a receiver appointed to realise them for secured creditors.
The bank appointed administrative receivers, and the business went into receivership within days.
Business noun
A form of insolvency in which a receiver is appointed to manage or realise a company's assets on behalf of creditors.
When the covenants were breached, the lenders placed the firm into receivership.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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