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
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
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.