The Official Receiver manages your bankruptcy. They decide what happens to your assets and whether you will have to make monthly payments towards your debts.
Included in this article:
- What does the Official Receiver do?
- Your Interview with them
- The Paperwork you might be asked to provide
- What if you do not co-operate?
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What does the Official Receiver do?
The Official Receiver (OR) is appointed after you have been declared Bankrupt. They are part of the Government Department called the Insolvency Service.
They are responsible for deciding whether you will have to sell any of your assets. In particular they will be interested in your property and car. They also determine if you will have to make ongoing payments towards your debts.
The OR has the power to extend issue a BRO (restrictions order) if they consider you have made preferential payments or carried out transactions at undervalue.
The Official Receiver will send a written report to your creditors confirming your situation. This normally happens 6-8 weeks after you go bankrupt.
Your Interview with the Official Receiver
The Official Receiver will interview you to make sure they understand your circumstances. Typically this will take place on the telephone 1-2 weeks after you go Bankrupt. If you are self employed it may be held face to face.
During the interview they will review the information you provided in your application. They will ask about how your debts have occurred and go through your living expenses. They will also ask about your significant assets.
You can also use the interview as an opportunity to ask any questions you may have. Don’t be concerned about doing this. Generally speaking the OR will be very approachable and easy to speak to.
If you are a home owner and want to buy back your Beneficial Interest you should bring this up with the OR during your interview.
What Paperwork might the Official Receiver ask you for?
Once you are Bankrupt the OR will often (but not always) ask you to provide copies of the following:
- Your last 12 months bank statements.
- The last 12 statements for any credit cards you have
- A copy of your tenancy agreement (if you live in rented property)
- Copies of your recent tax returns and business accounts (if you are self employed)
The OR will also ask you to sign and return three standard documents:
- NTB2 Acknowledgement – Confirming your understanding of your responsibilities
- TNIDIS – Authorising the OR to discuss your tax affairs with HMRC
- DPADA – Authority Letter authorising 3rd parties to disclose information to the OR
If you do not have all the paperwork you are asked for simply explain the reason why to the OR. If they really need it they will normally contact bank or creditor to ask for it.
What if you do not Cooperate with the Official Receiver?
Once you are bankrupt you have a legal duty to cooperate with the Official Receiver. This includes providing any paperwork they ask for and answering any questions they have to the best of your ability.
Given you are open and honest and do not try to hide anything there is no need to worry. The OR and their staff are usually reasonable and helpful and you will be discharged from bankruptcy after 12 months.
If you do not cooperate the OR can apply to the Court to suspend your discharge. If this were to happen you will remain bankrupt until they are satisfied they have all the information they require from you.
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