Receivership

n. state of being under the control of a receiver

Administrative receivership is a procedure in common law countries whereby a creditor can enforce security against a company's assets in an effort to obtain repayment of the secured debt. It used to be the most popular method of enforcement by secured creditors, but recent legislative reform in many jurisdictions has reduced its significance considerably in certain countries.
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Noun
1. the state of property that is in the hands of a receiver; "the business is in receivership"
(hypernym) state
2. a court action that places property under the control of a receiver during litigation so that it can be preserved for the benefit of all
(hypernym) proceeding, legal proceeding, proceedings
(classification) law, jurisprudence
3. the office of a receiver
(hypernym) position, post, berth, office, spot, billet, place, situation

(n.)
The state or office of a receiver.
  

a form of bankruptcy in which a company can avoid liquidation by reorganizing with the help of a court-appointed trustee.