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Simple English definitions for legal terms
expenses of receivership
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A quick definition of expenses of receivership:
Expenses of Receivership: These are costs that a person in charge of a business (called a receiver) has to pay while running the business. These costs include things like rent, fees for lawyers, and payments to people who help the receiver, like appraisers and auditors.
A more thorough explanation:
Expenses of receivership refer to the costs incurred by a receiver in managing a business or property. These expenses include rent, fees paid to the receiver's counsel, and payments made to any master, appraiser, or auditor hired to assist in the receivership process.
For example, if a company goes bankrupt and a receiver is appointed to manage its assets, the receiver may need to hire an appraiser to determine the value of the company's property. The fees paid to the appraiser would be considered an expense of receivership.
Another example would be if a receiver is appointed to manage a rental property. The receiver would need to pay rent for the property, as well as any fees incurred by their counsel or other professionals hired to assist in the management of the property.