A receiver is appointed by a secured creditor to realise assets that are subject to that creditor’s security interest e.g. vehicle finance company appointing receiver to repossess car and realise its value, or a bank appointing a receiver to a property owning company whose mortgage is in default to sell the property. A liquidator is appointed to a company to act on behalf of all creditors, not just the appointing creditor and has greater statutory powers than a receiver in dealing with the company and obtaining the best outcome for all creditors. For further information on liquidations click here.
Bankruptcy is the formal process of insolvency for an individual, as opposed to liquidation which is for a company. Just because a company is placed in liquidation, that does not mean the director is bankrupt. A company and its directors are obviously different legal entities with different liabilities and obligations. If you wish to understand further, please contact us for some simple no obligation, free advice.