Outline the dual role of the official receiver in bankruptcy ?
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Mar 6
1. Administrative role: The official receiver is responsible for administering the bankruptcy process, including collecting and distributing assets, investigating the bankrupt individual's financial affairs, and ensuring that creditors are treated fairly. They also have the authority to take legal action against the bankrupt individual if necessary.
2. Investigative role: The official receiver is also responsible for investigating the bankrupt individual's conduct leading up to the bankruptcy, including any fraudulent or improper activities. They have the power to question the bankrupt individual under oath and gather evidence to support any legal action that may be taken against them. This investigative role helps to ensure that the bankruptcy process is conducted fairly and transparently.