receivership
noun/rɪˈsiːvəʃɪp/
/rɪˈsiːvərʃɪp/
[uncountable] (law)- the state of a business being controlled by an official receiver because it has no money
- in receivership Her company has been in receivership for six months now.
- Five hundred jobs were lost when the company went into receivership last year.
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receivership