Is a receivership a state or federal proceeding?
A receivership may be either a state or federal proceeding.
What is a receiver?
A person or entity appointed by a court to take custody of the property of another. A receiver is also sometimes called a "receiver manager."
Who can be a receiver?
Generally, there are very few limitations on who can be a receiver in a particular case, absent a specific statutory scheme providing for the appointment of a receiver, such as an FDIC receivership.
Are receivers government employees?
In some cases, yes.
How is the receiver appointed?
A receiver may be appointed by court order or pursuant to an applicable statute, or based upon the prior contractual agreement of the parties (such as a security agreement).
What is the difference between a limited and general receivership?
In a limited receivership, the receiver is appointed over a specific asset; in a general receivership, the receiver is appointed over all assets of the subject person or entity (general receivership).