Asked in Bankruptcy LawBusiness LawChennai
What happens when a company goes into receivership?
September 09, 2007 9:54AM
A court takes control, assigns a management team, and runs the company until it is out of debt or is liquidated.
It is complex so please go onto this website which explains it more fully (even though the UK) the rules are extremely similar in the U.S. and Canada: http://www.companyrescue.co.uk/company-rescue/options/receivership.html