A receiver is an individual appointed by the shareholders to hold property subject to diverse claims.

Question

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In the case of a voluntary corporate dissolution, after all claims have been received, corporate assets will be used first to pay creditors, with the surplus going to shareholders. If the existing assets cannot meet all claims, a receiver may be called in to handle matters. A receiver is a person appointed bylaw to hold property subject to diverse claims-one who would divide the assets fairly among the creditors.

A Receiver Is an Individual Appointed by the Shareholders to Hold