receivership

receiver +‎ -ship

receivership (countable and uncountable, plural receiverships)

1. (law) The office and duties of a receiver.
2. (law) The state of being under the control of a receiver.
   • 1961 February, Cecil J. Allen, “Locomotive Running Past and Present”, in Trains Illustrated, page 84:

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