official receiver

loopy1225

Is the official receiver commision based? so more they can get assett/money wise the more they earn?

TheGardener

I very much doubt it - OR's are public sector workers and commission based work would be highly unusual.

dojoman

In a word, no and why would you think such a thing?

tiggerbodhi

definite no on that question, very odd question to ask though! they do work to a level of integrity and are audited on whether they do there job properly to gain a full insight and secure funds for creditors, like a lot of people in similar roles they are experienced in "having a nose" for someone who is hiding assets or funds and take a very dim view of it.

alastairq

The Official Receiver is a Court Officer.

They work for the Insolvency Service, which is a Government body.

In other words, they are employed by the State!

I Suspect two points of confusion have arisen here?

[1], A significant proportion of a BAnkruptcy estate goes to the Insolvency Service, to pay for the cost of administering a Bankruptcy.

[The Government wishes the Insolvency Service to be self-financing, thus not placing an undue burden on the taxpayer?} The admin costs have the first claim.

As tigger says above, the OR has a Duty in Law, to seek out all assets in Bankruptcy....and to that end, has at their disposal a huge number of Legal tools to achieve that.

[2] There is a huge difference between the Official Receiver, and an Insolvency Practitioner.

An IP is appointed by the Official Receiver to manage disposal of assets in Bankruptcy...and therefore, being a private individual, can apply costs which may seem disproportionate.