NOUN (3)

1. the state of property that is in the hands of a receiver;
- Example: "the business is in receivership"

2. a court action that places property under the control of a receiver during litigation so that it can be preserved for the benefit of all;

3. the office of a receiver;

The Collaborative International Dictionary of English v.0.48:

Receivership \Re*ceiv"er*ship\, n.
   The state or office of a receiver.
   [1913 Webster]

WordNet (r) 3.0 (2006):

receivership
    n 1: the state of property that is in the hands of a receiver;
         "the business is in receivership"
    2: a court action that places property under the control of a
       receiver during litigation so that it can be preserved for
       the benefit of all
    3: the office of a receiver