If a Company Goes Bankrupt and Owes Me Money, Can I Collect?

There is no set time period for receiverships. They can take anywhere from several weeks (best-case scenario) to several months (most common scenario) to several years (worst-case scenario). Receiverships usually end when the receiver has: Sold enough charged assets (or collateral) to repay the secured creditor.

Receivership occurs when an individual or a business has secured debt and they are unable to pay. A Receiver is appointed to sell the assets and pay the bills.

1. Stop Collection Efforts.
2. Review Bankruptcy Documents.
3. Attend Debtor’s Initial Examination.
4. File a Proof of Claim.
5. Attend Debtor’s Bankruptcy Hearing.
6. Let the Bankruptcy Proceed.

The main difference between receivership and company administration is that the administrator has a duty to all secured creditors. Receivership, on the other hand, is usually focused on realising the assets of the company for the benefit of the appointing floating charge holder.

The Official Receiver (OR) is a civil servant working on behalf of the Insolvency Service, but is also an officer of the court. They respond to notifications from the courts of company liquidations, and administer the initial stages, although they may also be involved throughout the process in some cases.

Does the official receiver check bank accounts? So, whilst they cannot physically check your bank account, they will go through all your transactions to get an overview of your finances. It’s then up to them to distribute any profits from your savings to the people you owe money to.

The official receiver will only let you keep your vehicle if it’s essential and of low value. A vehicle may be classed as essential if: You couldn’t do your job without it. You or someone in your household needs it because of a disability.