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The Insolvency service operates to set guidelines and frameworks, outlined by the Insolvency Acts of 1986 & 2000 as well as the Company Directors Disqualifications Act 1986 and the Employment Rights Act 1996.
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There are 38 Official Receivers offices based in locations throughout England and Wales.
The Official receiver has a duty to:
- Investigate the affairs of bankrupts, and of companies and partnerships wound up by the court.
- They often act as trustee / liquidators in cases where no private sector insolvency practitioner is appointed;
- They regulate the insolvency profession;
- Assess claims for redundancy payments when an employer cannot or will not pay.
- Administer banking and investment services for bankruptcy and liquidation estate funds;
- Advice the government on insolvency issues
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