Receivership is a legal process where a court appoints a receiver to manage the assets and operations of a company or property that is in financial distress. The receiver's role is to stabilize the situation, protect the assets, and maximize their value, often with the goal of repaying creditors. This process typically occurs when a business is unable to meet its financial obligations or is facing bankruptcy. The receiver acts as an intermediary, ensuring that the interests of all parties, including creditors and stakeholders, are considered while working towards a resolution.