8-626: An officer of the Insolvency Service of the United Kingdom, an official receiver ( OR ) is an officer of the court to which they are attached. The OR is answerable to the courts for carrying out the courts' orders and for fulfilling their duties under law. They also act on directions, instructions and guidance from the service's Inspector General or, less often, from the Secretary of State for Business, Energy and Industrial Strategy . An OR has
16-757: A statutory framework – mainly the Insolvency Act 1986 , the Insolvency Act 2000 , the Company Directors Disqualification Act 1986 and the Employment Rights Act 1996 . Insolvency Service staff are based across the UK in a network of 38 official receiver offices throughout England and Wales; On 1 April 2006, Companies Investigation Branch of BERR transferred to the service and is based in offices in both London and Manchester. The new debt relief orders which came into force on 6 April 2009 under
24-469: Is appointed, the OR will hand over administration. Otherwise, the OR acts as trustee or liquidator to sell the assets, distribute the proceeds to creditors, and complete the administration of the estate (mostly achieved within 12 months of the insolvency order). Whether or not the OR continues as trustee or liquidator, they remain responsible for investigating the insolvent's affairs. The office of official receiver
32-582: The Tribunals, Courts and Enforcement Act 2007 are not dealt with by official receivers' offices but at the service's Plymouth office. In April 2003, the Redundancy Payments Service transferred to the Insolvency Service. This enabled a joined-up approach to company failure and any consequential redundancies to be had and this is demonstrated on a frequent basis. The Agency Chief Executive is
40-399: The UK. The Insolvency Service administers compulsory company liquidations and personal bankruptcies and deals with misconduct through investigation of companies and enforcement. It also makes redundancy payments in cases where a company is insolvent. The Insolvency Service is responsible for authorising and regulating the insolvency profession. They: The Insolvency Service operates under
48-424: The following responsibilities: The bankrupt or the company directors must give the OR information about their own or the company's affairs. The OR will interview them, examine their financial records, and make background enquiries of others who have had dealings with them (e.g. banks, accountants etc.). In every case, the OR reports to creditors and shareholders giving details of assets and liabilities. Depending on
56-505: The nature and monetary value of the assets, the OR may arrange a meeting of the creditors (and of contributories in a winding-up) to consider appointing an IP to act as trustee or liquidator in his place. Alternatively, the OR may consult the creditors and ask the Secretary of State to appoint an IP. (This is usually done when such an appointment needs to be made quickly – for instance, when there are large amounts of perishable goods). If an IP
64-686: Was established by the Bankruptcy Act 1883 ( 46 & 47 Vict. c. 52). Their role was originally confined to personal bankruptcy , but it was extended to companies in compulsory liquidation by the Companies (Winding Up) Act 1890 ( 53 & 54 Vict. c. 63). Insolvency Service The Insolvency Service is an executive agency of the Department for Business and Trade with headquarters in London. It has around 1,700 staff, operating from 22 locations across
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