re‧ceiv‧er‧ship /rɪˈsiːvəʃɪp $ -vər-/ noun [uncountable]
[Word Family: noun: receipt, receipts, receiver, reception, receivership, receiving, receptionist, receptor; adjective: receptive ≠ UNRECEPTIVE, received; verb: receive]
if a business is in receivership, it is controlled by an official receiver because it has no money:
The company went into receivership with massive debts.

[TahlilGaran] Dictionary of Contemporary English ▲