IVA Articles
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IVA : Who Is The Official Receiver?
The Official Receiver, sometimes abbreviated to OR, is an officer of the Insolvency Service.
He is responsible for carrying out the orders of the court to which he is attached. He is bound by law to fulfill his duties to the courts in England and Wales. He also takes direction, instruction and guidance from the Inspector General of the Insolvency Service and, less frequently, from the Secretary for Trade and Industry.
His responsibilities in personal Bankruptcy are to act as an interim receiver and manager when a Bankruptcy Order is issued. He will take immediate action to protect an individuals property and other assets. If an Insolvency Practitioner from the private sector is not appointed he will then act as a trustee.
The Official Receiver (OR) is bound to examine the financial status of the person declared Bankrupt. He will interview them, and make enquiries into their financial dealings with others, including banks and accountants. He will then report to creditors outlining the financial position of the debtor.
The Official Receiver (OR) is then appointed to sell and distribute any proceeds of the sale amongst creditors after paying any court costs. He then remains responsible for monitoring the debtors affairs whilst they are restricted by their Bankruptcy Order, which can be any length of time up to 15 years, but is usually 12 months.
