OFFICIAL RECEIVER Meaning and
Definition
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The term "official receiver" refers to a designated individual or office responsible for handling and overseeing the administration of a bankrupt individual or company, as well as their assets and liabilities. This position is typically appointed by the court and is entrusted with managing the insolvency proceedings in accordance with relevant laws and regulations.
The official receiver plays a crucial role in the bankruptcy process, acting as a neutral party that represents the interests of all parties involved, including creditors and debtors. They have the authority to investigate and assess the financial affairs and conduct of the bankrupt entity, ensuring transparency and fairness throughout the proceedings.
One of the primary responsibilities of the official receiver is to gather and verify information related to the bankrupt's assets, liabilities, and financial affairs. This includes the examination of bank statements, contracts, records, and other relevant documents. They also have the power to seize, protect or dispose of assets in order to repay creditors and settle outstanding debts.
Furthermore, the official receiver is responsible for selling the bankrupt's assets and distributing the proceeds to creditors in a fair and equitable manner, following the priorities set by applicable insolvency laws. They may actively engage in negotiations with debtors and creditors, aiming to reach settlements and resolve disputes amicably.
In summary, the official receiver is a vital figure in insolvency proceedings, serving as a trustee for all parties involved. Their main objective is to ensure a transparent, efficient, and fair liquidation or reorganization of the bankrupt entity, while maximizing the recovery for creditors and providing necessary support and guidance to the debtor.
Common Misspellings for OFFICIAL RECEIVER
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Etymology of OFFICIAL RECEIVER
The word "official receiver" is formed by combining two different words: "official" and "receiver". Here is the etymology of each word:
1. Official:
The word "official" dates back to the late 14th century and derives from the Old French word "official" meaning "officeholder". It originated from the Latin word "officialis", which translates to "attendant to a magistrate, public official", or "ecclesiastical official". The Latin term "officialis" is derived from the noun "officium", meaning "service, duty, official duty, office, task, business".
2. Receiver:
The word "receiver" dates back to the late 14th century as well and comes from the Old French word "recevere" meaning "to receive".
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