They act as the 'trustee in bankruptcy' and deal with everything to do with the bankruptcy. You will not normally be able to take legal action for any money you are owed, and if the person has no assets you will not be paid. However, if there is a chance to do so and money available, practical, helpful arrangements to resolve the problems may be able to be made by the Insolvency Practitioner or the Official Receiver. The Insolvency Practitioner must invite all creditors to the creditors' meeting and eventually report to them but has no duty to act as a general advisor to them. A director can form a new company under a different name and continue trading without taking responsibility for the liabilities of the old one.
Consumers have no special protection in insolvency law.
This is a technical term in the Insolvency Act . Directors may be sued by the Department of Trade and Industry and may be disqualified for a set number of years. This is not likely to help individual consumers to get their money. Ascertained goods - sometimes a company may shut down when your goods are in the workshop or are about to be delivered. You should inform the Insolvency Practitioner and anyone else who may have any claim on the goods straight away.