A court order whereby all the property subject to dispute in a legal action is placed under the dominion and control of an independent person known as a receiver.
-West’s Encyclopedia of American Law, Edition 2

Receivership comes about for many different reasons:
What Causes Receivership?

There are different types of receiverships:
Types of Receivership

Receivership is not always a bad thing. It has its benefits:
Benefits of Receivership