An entity may also be put into receivership, with control passing temporarily to another person.

The new code also introduces the concept of administrative receivership, whereby lawyers, certified accountants, and other intermediaries act as managers of enterprises undergoing bankruptcy.

With tax revenues collapsing due to falling home prices and incomes, dozens of US municipalities could well go into receivership, as New York City did in the 1970 s.

The Commission was able to convince the United States Environmental Protection Agency to give the utilities authorities a final chance before taking them over and placing them in receivership.41

They knew that if the true conditions at many big banks were publicly revealed, many would have been immediately declared bankrupt, necessitating government receivership to stop a tsunami of bank runs.

Both Wall Street s chieftains and the Obama administration already knew the truth. They knew that if the true conditions at many big banks were publicly revealed, many would have been immediately declared bankrupt, necessitating government receivership to stop a tsunami of bank runs.