How Far Back Does Official Receiver Go? 2022
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You can expect an official reliever to investigate the transactions you made up to five years before your bankruptcy application. I want to share with you some information on what you can expect once your official receiver makes contact. This is a part of bankruptcy or a DRO that can feel quite daunting. Don’t worry, I will help you to understand this process below.
Knowing more about the official receiver and what you can expect from them will help. After all, knowledge is power. You may have recently gone bankrupt or are approaching the finalisation of your bankruptcy or a debt relief order. Read on to learn about the role of the official receiver, how far back into your finances they investigate and what to expect from the interview.
What Does an Official Receiver Do?
When you opt for bankruptcy or a DRO you’ll have an official receiver assigned to your case. This is a civil servant who is an officer of the court that works within the Insolvency Service. It is their job to administer the starting steps of your bankruptcy or DRO.
The official receiver is responsible for assessing if you can afford to make payments to the debts you owe. They will take control over some of your property, inform your creditors of the bankruptcy and hold an investigation into your financial affairs and conduct leading up to the bankruptcy. Furthermore, it’s the job of the official receiver to advertise your bankruptcy.
Do I Have to Attend the Official Receiver Interview?
You’ll need to attend an interview after the bankruptcy order or DRO. Once you have an insolvency order the official receiver will contact you to discuss what information you need to provide. A letter contains the proposed time and date of the interview. The letter may contain a questionnaire that you’ll need to complete.
This might be an interview in person or over the phone, depending on your personal circumstances. The date and time will be negotiable to ensure it’s convenient for both you and the official receiver. Alternatively, you may have the interview held at the court directly after the bankruptcy order is finalised. This can happen if you present your own bankruptcy petition.
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What Happens at the Official Receiver Interview?
The official receiver will go through the questionnaire you completed during the first stages of the interview. If you fail to complete the questionnaire before the interview you will have to fill it out there. I recommend you take the time to complete the questionnaire to ensure all the information is correct. It will require finding paperwork and documents about your finances. Having this information on hand will help the interview process to go smoothly and work towards preventing delays due to a lack of information.
The official receiver or an examiner who works with the official receiver will conduct the interview. They will ask you to detail information regarding your finances, the debts you have and the circumstances that led to your bankruptcy or DRO.
This is the time to provide any paperwork or documents relating to your finances that detail transactions, assets and other financial information that’s requested. You have the opportunity to ask questions during this time. Make a note of any questions that arise pertaining to your bankruptcy and the process. Don’t be afraid to ask anything.
A second interview might be necessary if you ask for more time or are unable to provide the information you’ve been asked for.
How Long Does the Official Receiver Interview Take?
The length of the official receiver interview could be anywhere between 30 minutes and three hours. The length of the interview depends entirely on the complexity of the case. Prepare for the interview in advance to help the interview move at a good pace.
What Happens After the Official Receiver Interview is Over?
Once the interview is over the official receiver will check through all the information you provided. After checks are complete, they will create a report for the creditors, detailing your debt and assets. You may be asked to attend a creditor meeting or a public examination depending on the reaction from the creditors after receiving the report
You may be required to attend a public examination. These are requested if a minimum of half of your creditors request them. A public examination is where you’ll need to detail your financial situation under oath in an open court. Attendance is necessary as failing to attend can lead to an arrest, fine or custodial sentence.
After the interview, your assets, and any money you have may be taken, sold and distributed to pay toward your debts.
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What Things Does an Official Receiver Check?
The purpose of the investigation carried out by the official receiver is to determine how you ended up going bankrupt. They check through the conduct leading up to the bankruptcy and your current income and spending.
An examination of your current income and expenses takes place. The purpose of the examination is to see what payments you can make towards your debts for the duration of the bankruptcy. In a DRO, the official receiver will evaluate your application and decide on where it is to be granted.
Will the Official Receiver Check Over My Bank Accounts?
The official receiver will not physically go and check your bank accounts. However, they will go over your transactions to gain a full understanding of your finances, how you ended up losing control of your debts and what happened leading up to the bankruptcy.
How Far Back Does an Official Receiver Go?
The official receiver will investigate your financial situation up to five years before your bankruptcy. These transactions will include anything you sold or any assets you may have distributed. The purpose of the investigation is to see if you sold anything under its true value. The official receiver can reverse the sale of an undersold asset to bring the asset back into your estate and use it to pay off creditors.
Learn more about what you can expect from bankruptcy or a DRO in the articles I’ve suggested below.
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