Official Assignees - Definition - Law Dictionary Home Dictionary Definition official-assignees

Definition :

Official assignees, certain persons from the class of merchants or accountants who were appointed by the Lord Chancellor under the Bankruptcy Acts, 1849 and 1861, to act in bankruptcies; one of whom must have been an assignee of the bankrupt's estate and effects, together with the assignee or assignees chosen by the creditors. All the personal estate, the profits of the realty, and the proceeds of all such estates as were sold were received by such official assignees alone, and paid into the Bank of England to the credit of the Accountant in Bankruptcy. these officials cease to exist under the system of bank-ruptcy introduced in 1869 but the 'Official Receivers' established by the Act of 1883 greatly resemble them.