Receivership is a process whereby a creditor that you owe money to and who you have given a fixed charge to (usually a bank) appoints a receiver to realise that security. Administrative receivership is similar but applies where the creditor is trying to realise a floating charge. Receivership is very rarely used now and can only be invoked if you borrowed the money and gave the security before 15th September 2003. A holder of a fixed charge is now far more likely to use the administration procedure to realise their security.

Receivership is not an option open to a company in trouble but is included here for the sake of completeness.