is the role of the Official Receiver or appointed Insolvency Practitioner do?
The Official Receiver’s or appointed Insolvency Practitioner’s role is to collect and realise the assets of the company and pay creditors, funds permitting. The Official Receiver will also investigate the affairs of the company and the reasons for the company’s failure. This includes the submission of a report on the conduct of the Directors to the Secretary of State under the Company Director’s Disqualification Act 1986. The Secretary of State will use the report to decide whether to commence disqualification action. For further information read, ‘Directors’ Responsibilities – Disqualification.
