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Created by Mark Varela
almost 11 years ago
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Governed by Insolvency Act 1986
as amended by Enterprise Act 2002
Official receiver takes control of debtors property
Trustee realises and distributes bankrupt's estate
Enterprise Act 2002 made changes to extent which home is part of bankrupt's estate
Trustee converts bankrupt's property into money to pay debts
Normally continues for 12 months under Enterprise Act 2002
Liquidation brings existence of company to an end and administers property to creditors
Alternatives to liquidation:
1. Administration - administrator runs company as going concern
Company is dissolved and removed from Register of Companies
