Roles and Responsibilities of an Official Receiver

From the date of your bankruptcy, they have the responsibility to administer your estate, protecting your assets on behalf of your creditors.

However, it is possible that an Insolvency Practitioner may be appointed to take over this role (usually when the bankrupt opts for an Individual Voluntary Arrangement). In either case, their role includes the investigation of your financial affairs, taking control of your assets, advertising your bankruptcy in the London Gazette, informing your creditors of your bankruptcy, and distributing your property and money between your creditors. It’s critical you comply with their request for information because failure to do so could result in the issuing of a Bankruptcy Restriction Order or even prosecution.

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From the date of your bankruptcy, they have the responsibility to administer your estate, protecting your assets on behalf of your creditors.

However, it is possible that an Insolvency Practitioner may be appointed to take over this role (usually when the bankrupt opts for an Individual Voluntary Arrangement). In either case, their role includes the investigation of your financial affairs, taking control of your assets, advertising your bankruptcy in the London Gazette, informing your creditors of your bankruptcy, and distributing your property and money between your creditors. It’s critical you comply with their request for information because failure to do so could result in the issuing of a Bankruptcy Restriction Order or even prosecution.

Free expert advice in minutes. Fill out the form & we’ll call you back

Name
First Last
Phone
Email
Bankruptcy Status
Estimated Debt Amount
Consent*
I agree to the Privacy Policy.

IT IS CRITICAL THAT YOU COMPLY WITH ALL REQUESTS MADE BY THE OFFICIAL RECEIVER.

This is not only because they will be present in the decision-making process of your bankruptcy annulment, but also because if your bankruptcy is not successfully annulled, your assets will be passed into the hands of an Insolvency Practitioner. Why is that bad? Well, while the Official Receiver can only take control of your assets, an Insolvency Practitioner has the power to sell them to repay your creditors.

WHO IS THE OFFICIAL RECEIVER?

A civil servant in the Insolvency Service and officer of the court
Appointed by the court, they take control of your bankruptcy case
They asses your financial position to ensure your debts are paid
They protect your assets on behalf of your creditors

FAILURE TO COOPERATE CAN RESULT IN:

An order compelling you to attend a public examination
An arrest warrant if you fail to attend
An order to have your mail redirected to a Trustee
An order for you to become subject to a Bankruptcy Restrictions Order
An order for your discharge from bankruptcy to be suspended

ROLES AND RESPONSIBILITIES OF AN INSOLVENCY PRACTITIONER

As you’ve already learned, an Official Receiver handles the initial stage of your bankruptcy. However, if you fail to cooperate with them (or choose to go down the Individual Voluntary Arrangement route), they can pass your case on to an Insolvency Practitioner (IP). What’s the difference between an Official Receiver and Insolvency Practitioner? Well, the former has the power to investigate your affairs and take control of your assets, but they are not allowed to sell them. However, things change when an Insolvency Practitioner takes over your case. They have the ability not only to take full control of your assets, but they also have the power to sell them for the best price on behalf of your creditors, while providing them with regular progress reports. Once they have sold all of your assets, they will use the money raised to pay all of your creditors what they are owed.
As you can see, due to the additional costs and loss of valuable assets, it’s never in your interest, as a bankrupt individual, to have an Insolvency Practitioner appointed to your case. That’s why we strongly recommend you cooperate with the Official Receiver at all times.
Should you reach the stage where your case is handed over to an Insolvency Practitioner, the Official Receiver will provide them with your PIQC booklet and any other information they have gathered after investigating your affairs. Once again, it’s important to remember that providing any false information to either an Official Receiver or an Insolvency Practitioner is counted as a serious crime and could result in further court action being taken against you.

IT IS CRITICAL THAT YOU COMPLY WITH ALL REQUESTS MADE BY THE OFFICIAL RECEIVER.

This is not only because they will be present in the decision-making process of your bankruptcy annulment, but also because if your bankruptcy is not successfully annulled, your assets will be passed into the hands of an Insolvency Practitioner. Why is that bad? Well, while the Official Receiver can only take control of your assets, an Insolvency Practitioner has the power to sell them to repay your creditors.

WHO IS THE OFFICIAL RECEIVER?

A civil servant in the Insolvency Service and officer of the court
Appointed by the court, they take control of your bankruptcy case
They asses your financial position to ensure your debts are paid
They protect your assets on behalf of your creditors

FAILURE TO COOPERATE CAN RESULT IN:

An order compelling you to attend a public examination
An arrest warrant if you fail to attend
An order to have your mail redirected to a Trustee
An order for you to become subject to a Bankruptcy Restrictions Order
An order for your discharge from bankruptcy to be suspended

ROLES AND RESPONSIBILITIES OF AN INSOLVENCY PRACTITIONER

As you’ve already learned, an Official Receiver handles the initial stage of your bankruptcy. However, if you fail to cooperate with them (or choose to go down the Individual Voluntary Arrangement route), they can pass your case on to an Insolvency Practitioner (IP). What’s the difference between an Official Receiver and Insolvency Practitioner? Well, the former has the power to investigate your affairs and take control of your assets, but they are not allowed to sell them. However, things change when an Insolvency Practitioner takes over your case. They have the ability not only to take full control of your assets, but they also have the power to sell them for the best price on behalf of your creditors, while providing them with regular progress reports. Once they have sold all of your assets, they will use the money raised to pay all of your creditors what they are owed.
As you can see, due to the additional costs and loss of valuable assets, it’s never in your interest, as a bankrupt individual, to have an Insolvency Practitioner appointed to your case. That’s why we strongly recommend you cooperate with the Official Receiver at all times.
Should you reach the stage where your case is handed over to an Insolvency Practitioner, the Official Receiver will provide them with your PIQC booklet and any other information they have gathered after investigating your affairs. Once again, it’s important to remember that providing any false information to either an Official Receiver or an Insolvency Practitioner is counted as a serious crime and could result in further court action being taken against you.