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On the making of the winding up
order the Official Receiver is immediately appointed liquidator
of the company.
The Official Receiver is a government
appointed civil servant.
The main duties of the Official
Receiver are to :
- Protect and preserve the assets.
- Make enquiries into the company
dealings.
- Make a report under the Company
Directors Disqualification Act.
Protection and Preservation of Assets
To achieve this duty the Official Receiver,
or his agent, will take into his custody and control the various
assets of the company.
Enquiries Into Dealings
Initial enquiries into the dealings of
the company are made by:
- Forwarding an enquiry booklet
to the directors for completion.
- Interviewing the directors in
connection with that completed booklet.
- Corresponding with company creditors,
VAT office, PAYE office, bankers etc.
Report under the Company Directors Disqualification
Act
The Official Receiver has a duty to "report"
to the Department of Trade and Industry (DTI) Directors Disqualification
Unit in relation to the "conduct" of each director.
Guidance notes are issued to the Official
Receiver by the DTI in relation to matters which should be
considered in compiling a conduct report.
The aim of such a report is to be objective
and fair.
Next Step
In nearly all cases where there are realisable
assets a private insolvency practitioner (IP) will take over
the duties of the Official Receiver in relation to the:
- Realisation of assets.
- Agreement of creditors claims.
- Payment of dividends to creditors.
In "small asset" cases
the IP appointed is likely to be selected from a rota of IP's.
In larger asset cases the IP is
likely to be appointed at a creditors meeting. (or at the
nomination of the largest creditor)
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