Bankruptcy is the state of an individual or entity unable to pay off their debts. A court-ordered bankruptcy order leads to the liquidation of the bankrupt's assets to repay creditors.
Discharge in bankruptcy refers to the formal release of a debtor from the legal obligation to pay off all or a portion of their debt, typically following bankruptcy proceedings. It removes the debtor's liability for certain debts while providing a fresh financial start.
An Official Receiver (OR) is a person appointed by the Secretary of State for Business, Innovation and Skills to act as a receiver in bankruptcy and winding-up cases. Official receivers are officers of the court, usually acting as liquidators in company windups.
An Official Receiver (OR) is an officer of the court, appointed to manage the estates of insolvent companies or bankrupt individuals. They are responsible for administering the insolvency processes, including the realization and distribution of assets.
A receiver is an individual appointed to manage the property, assets, or business operations of an entity during bankruptcy or other legal proceedings. The specific powers and duties of a receiver can vary based on the type of receivership.
