Official Receiver
A government official who deals with the early stages of many bankruptcies and compulsory liquidations and may act as trustee or liquidator unless another practitioner is appointed.
Related terms
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Vesting
The legal transfer of ownership or rights from one person to another by operation of law. In bankruptcy, certain assets vest in the trustee.
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Bankruptcy
A formal personal insolvency process that deals with debts a person cannot pay, while placing their assets and financial affairs under legal rules and oversight.
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Individual Insolvency Register
The public register in England and Wales containing details of current and recent individual insolvency cases, including bankruptcies, IVAs and DROs.
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