A person appointed to conduct either directly, or in a supervisory capacity, the winding-up of a bankrupt’s estate or the affairs of a company which has gone into liquidation. Initially appointed by the court, he must, where circumstances dictate, report to the Department of Trade and Industry. This latter occasion will arise where, in course of a compulsory winding–up of a company, the Official Receiver decides that further investigation into the conduct of the company’s affairs is desirable and mentions this fact in a report to the Department of Trade and Industry. In the report the Receiver may also state whether it is likely that any fraud on the company has been perpetrated by its officers. In a company liquidation, the Official Receiver may also be appointed as the provisional liquidator until an official liquidator has been named.
Where put in charge of winding up the affairs of a bankrupt the Receiver is similarly charged with reporting to the court any findings which appear to suggest that the bankrupt has committed misdemeanours or in any manner contributed to his own bankruptcy.
|Reference: The Penguin Business Dictionary , 3rd edt.|