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Simple English definitions for legal terms
receiver's certificate
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A quick definition of receiver's certificate:
A receiver's certificate is a document that proves someone has the right to receive money from a bankruptcy court. It is given out by a receiver and shows that the person holding it is entitled to payment from funds controlled by the court.
A more thorough explanation:
A receiver's certificate is a document issued by a receiver in a bankruptcy case. It serves as proof that the holder of the certificate is entitled to receive payment from funds that are under the control of the bankruptcy court.
For example, if a company goes bankrupt and a receiver is appointed to manage its assets, the receiver may issue certificates to creditors who are owed money by the company. These certificates can then be presented to the court as evidence of the creditor's claim to a portion of the funds that the receiver is managing.
Another example would be in a personal bankruptcy case, where a receiver may issue certificates to individuals who are owed money by the bankrupt person. These certificates can be used to claim a portion of the funds that the receiver is managing on behalf of the bankruptcy court.
Overall, a receiver's certificate is an important document that helps ensure that creditors and other parties who are owed money in a bankruptcy case receive fair treatment and payment from the available funds.