In law, receivership is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especially in cases where a company cannot meet its financial obligations and is said to be insolvent. The receivership remedy is an equitable remedy that emerged in the English chancery courts, where receivers were appointed to protect real property. Receiverships are also a remedy of last resort in litigation involving the conduct of executive agencies that fail to comply with constitutional or statutory obligations to populations that rely on those agencies for their basic human rights.
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In this Dossier
Receivership in the context of George Howard Earle, Jr.
George Howard Earle Jr. (July 6, 1856 – February 19, 1928) was an American lawyer and businessman from Philadelphia who worked as a receiver and rescued multiple businesses from financial hardship. He was a political reformer and a member of the Committee of One Hundred in Philadelphia which worked to end bossism politics in the city.
Receivership in the context of Legal dispute
Legal proceeding is an activity that seeks to invoke the power of a tribunal in order to enforce a law. Although the term may be defined more broadly or more narrowly as circumstances require, it has been noted that "[t]he term legal proceedings includes proceedings brought by or at the instigation of a public authority, and an appeal against the decision of a court or tribunal". Legal proceedings are generally characterized by an orderly process in which participants or their representatives are able to present evidence in support of their claims, and to argue in favor of particular interpretations of the law, after which a judge, jury, or other trier of fact makes a determination of the factual and legal issues.
- Activities needed to have a court deem legal process to have been provided, such as through service of process.
- Conduct of a trial, whether a lawsuit or civil trial, or a criminal trial.
- Issuance and enforcement of court orders, including those imposing foreclosure or receivership.
- Hearings, particularly administrative hearings.
- Arbitration.
In the United States, Congressional hearings are not generally considered legal proceedings, as they are generally not directed towards the imposition of a penalty against a specific individual for a specific wrong. However, impeachment proceedings are generally conducted as legal proceedings, although experts dispute the question of whether they are primarily legal proceedings, or are merely political proceedings dressed in legal formalities and language. Richard Posner, for example, has asserted that it was "the intent of the framers of the Constitution that an impeachment proceeding be primarily a legal proceeding, akin to a criminal prosecution, rather than a political one".
Receivership in the context of John Law's Company
John Law's Company, founded in 1717 by Scottish economist and financier John Law, was a joint-stock company that occupies a unique place in French and European monetary history, as it was for a brief moment granted the entire revenue-raising capacity of the French state. It also absorbed all previous French chartered colonial companies and was popularly known as the Compagnie du Mississippi (Mississippi Company), even though under Law's leadership its overseas operations remained secondary to its domestic financial activity.
In February 1720, the company acquired John Law's Bank, which had been France's first central bank. The experiment was short-lived, and after a stock market collapse of the company's shares in the second half of 1720 (the Mississippi Bubble), the company was placed under government receivership in April 1721. It emerged from that process in 1723 as the French Indies Company, focused on what had been the overseas operations of Law's Company.