What is official trustee and official receiver?

An official trustee is a person or entity appointed by a court or government authority to manage and administer the assets of individuals or estates in bankruptcy or insolvency situations. An official receiver, on the other hand, is a government official responsible for overseeing the bankruptcy process, including the assessment and distribution of assets, and ensuring compliance with legal regulations. Both roles are crucial in ensuring fair treatment of creditors and transparency in the handling of financial distress.