Receivership is a process in which a third party -- the receiver -- is put in charge of a company or other institution in order to sort out their affairs. The most commonly referred to type of receivership is a court mandated receivership initiated to help the company sort out their financial responsibilities, most often making the hard decisions on how a company is going to pay off its creditors. Receivership may or may not happen in concert with a bankruptcy, and in many cases is entered into specifically to avoid going into bankruptcy.
The details of receivership are multitudinous and complex, but it is perhaps worth noting that receivership itself is not a legal process; it may often be initiated by a court order, but it may also be initiated by a government regulator or a secured creditor. Receivers are always an independent, neutral party that work towards an equitable outcome that does not favor any party involved.
Not all receiverships are based around financial issues; an entity can be put into receivership for failing to comply with the law; it is not too uncommon to hear of a prison being put into receivership due to human rights violations.