https://www.investopedia.com/terms/r/receivership.asp
In most cases, the receiver is given ultimate decision-making powers and has full discretion in deciding how to manage received assets.
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A receiver is not necessarily a liquidator. However, if the receiver’s audit deems that the businesses cannot become viable even after credit remedies, they may liquidate.
Further reading here
https://www.realbusinessrescue.co.uk/articles/receivership/going-into-receivership
The receiver has a requirement to get the creditors paid. This usually happens by liquidating all assets. It’s officially over.
It means it’s over.
A Receivership is a remedy available to secured creditors to recover amounts outstanding under a secured loan in the event the company defaults on its loan payments. A Receiver may also be appointed in a shareholder dispute to complete a project, liquidate assets or sell a business.