Receivership is appointed by a secured creditor to recover a specific debt — the focus is on realising secured assets, and the company may survive in some form. Liquidation is the full winding up of a company, dealing with all assets and all creditors, and results in the company ceasing to exist entirely. A company can enter liquidation after receivership if there are remaining debts and no viable future. Receivership is creditor-driven; liquidation can be either creditor-driven (CVL) or member-driven (MVL). Both processes require a licensed insolvency practitioner to be appointed.
