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In the case of a bankruptcy, the OR or IP (known as the trustee) realises (sells) any assets (except any reasonable domestic items and items needed for the bankrupt’s job).
Creditors who have made loans secured on assets (eg mortgages on property), can sell those assets to recover their money.
When the OR or IP receives your proof of debt form they will add you to the list of creditors and include you on future correspondence about the case.
The OR will contact all creditors as soon as reasonably practical after the order is made.
An insolvency practitioner (IP) may be appointed later to deal with the assets.
IPs are usually accountants or solicitors who are authorised to deal with insolvency cases through the Insolvency Act 1986.
Any money left over from the sale after the debt has been repaid is added to the sum to be shared between the other creditors.