So. Has a state ever actually gone into receivership. The District of Columbia, during the latter phase of the reign of Barry and into the mayoralty of Tony Williams was under a Congressional-appointed Control Board but that’s a special case.
DC is a Constitutionally special case, in that the Constitution puts control of DC into the hands of Congress. Congress chose to allow locally-elected officials to run it, but that authority, coming from Congress, is subject to revocation at any time with Congress appointing any new government it chooses.