The Trustee in Bankruptcy
What is a Trustee?
A trustee is a person who holds property in trust for another. In bankruptcies the Official Receiver (OR) (as trustee in bankruptcy) or Insolvency Practitioner (IP) holds the property of the bankrupt in trust for creditors and is referred to as the trustee.
The OR will normally handle the early stages of a bankruptcy. If there are significant assets, an IP may be appointed as trustee in place of the OR. All other insolvency procedures regarding individuals apart from fast-track voluntary arrangements are handled by IPs.
