Legal Definitions - statutory receiver

A statutory receiver is a person appointed by a court or a corporation to protect or collect property that is being litigated or belongs to a bankrupt. This person is usually disinterested, meaning they have no personal interest in the property. The appointment of a statutory receiver is provided for in a statute.

• If a company goes bankrupt, a statutory receiver may be appointed to collect and distribute its assets to its creditors.
• If there are multiple claims on a property, a statutory receiver may be appointed to protect the property until the claims are resolved.

These examples illustrate how a statutory receiver is appointed to protect or collect property that is in dispute or belongs to a bankrupt. The receiver is appointed by a court or a corporation and is usually a disinterested person who has no personal interest in the property.