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A person appointed by the court, or some other competent authority, to take over the property of a debtor, whether a person or a corporation, and to supervise the collection of income and its distribution to creditors until debts are paid in full. In company law, debenture holders often have the right to appoint a receiver where the company has acted in a manner pre judicial to their interests. A receiver does not normally have power to manage the business of the debtor but the court may consider that the best interests of creditors would be served by appointing a manager to carry on the business and may combine the role of receiver and manager in one person.

Reference: The Penguin Business Dictionary , 3rd edt.