In receivership, a troubled business is placed in the hands of an appointed supervisor--the receiver--who's responsible for handling financial matters. Receivership is a common feature of Chapter 11 business bankruptcies, which allow companies to request a court's protection from creditors and to restructure or eliminate their debts. Other forms of bankruptcy, including Chapter 7 and Chapter 13 personal bankruptcy, involve the work of a court-appointed trustee. A receiver is more directly involved in the management of assets than a bankruptcy trustee. Receivership may also occur when a public agency, such as a financial oversight department, decides through a court-ordered mandate that a company or bank requires hands-on supervision.