What is the process if a Bankruptcy Order is made?
If a Bankruptcy Order is made, in general terms, the following procedure will be followed:
The Official Receiver will be appointed to review the individual’s assets and affairs
If the individual has any recoverable assets a licensed Insolvency Practitioner will be appointed as the Trustee in Bankruptcy
The Trustee in Bankruptcy will:
Conduct an investigation into the financial affairs of the individual
Realise the individual’s assets
Distribute the proceeds of sale among the individual’s creditors
If the Trustee in Bankruptcy finds the individual has disposed of any assets or property (such as the matrimonial home) or made payments to specific creditors (gifts or preferences), the Trustee in Bankruptcy may bring a civil claim against such parties to each transaction in order to recover the asset/payment for the benefit of the creditors