When a person (known as a Debtor) is unable to pay their debts then a Bankruptcy Order is made following the presentation of a Bankruptcy Petition. This starts the process of Bankruptcy.
Once a person is Bankrupt either the Official Receiver or an Insolvency Practitioner will be appointed as Trustee in Bankruptcy to Realise the individual’s assets to attempt to make payment to the Debtor’s creditors.
Bankruptcy lasts 12 months, unless the Bankrupt is Discharged earlier or the Discharge is suspended as a result of the poor conduct of the Bankrupt. After Discharge the Trustee in Bankruptcy will continue to Realise the assets of the individual until they are all dealt with.