They also act on directions, instructions and guidance from the service's Inspector General or, less often, from the Secretary of State for Business, Energy and Industrial Strategy.
The OR will interview them, examine their financial records, and make background enquiries of others who have had dealings with them (e.g. banks, accountants etc.).
Depending on the nature and monetary value of the assets, the OR may arrange a meeting of the creditors (and of contributories in a winding-up) to consider appointing an IP to act as trustee or liquidator in his place.
(This is usually done when such an appointment needs to be made quickly – for instance, when there are large amounts of perishable goods).
Otherwise, the OR acts as trustee or liquidator to sell the assets, distribute the proceeds to creditors, and complete the administration of the estate (mostly achieved within 12 months of the insolvency order).