RECEIVERSHIP Definition

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RECEIVERSHIP is equitable remedy whereby a court orders property placed under the control of a RECEIVER so that it may be preserved for the benefit of affected parties. A failing company may be placed in receivership in an action brought by its creditors. The business is often continued but is subject to the receivers control. See also BANKRUPTCY.

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REVENUE RESERVE is a fund that is not a CAPITAL RESERVE, i.e. the funds are distributable.

EXPIRED EXPENSE is an expense having come to an end or become void after passage of a period of time.

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