You have to hand over any assets of value and the financial interest in your home to a person appointed to manage your bankruptcy called a ‘trustee’.

Your trustee will be either an Official Receiver (an officer of the bankruptcy court) or an insolvency practitioner (an authorised debt specialist).

It takes time to appoint a trustee, so the Official Receiver manages your bankruptcy at first. They’ll collect information on your finances and protect your assets for your creditors.

If you have significant assets, it is likely the Official Receiver will ask your creditors to appoint an insolvency practitioner as trustee. If you don’t have significant assets the Official Receiver will act as trustee.

• Bankruptcy - the role of the Official Receiver