receivership

noun

1. (countable, uncountable)The office and duties of a receiver.
2. (countable, uncountable)The state of being under the control of a receiver.

   “The capital cost in 1915-1927 of equipping 924 miles of track put the Milwaukee into a receivership from which it took a long time to recover; and in view of the length of line electrified it is surprising that a current of 1,500V d.c. was chosen rather than the Pennsylvania 11,000V a.c.”

3. (countable, uncountable)A form trusteeship of bankruptcy administration in which a receiver is appointed to run the company for the benefit of the creditors.