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Glossary

Official receiver
The Official Receiver is a civil servant in The Insolvency Service and an officer of the Court.  He (or she) will be notified by the Court of a bankruptcy or winding-up order.  He will then be responsible through his staff for administering the initial stage, at least, of the insolvency case.  This stage includes collecting and protecting any assets and investigating the causes of the bankruptcy or winding up.
Off-line terminal
In the UK open loop refers to stored value cards that carry a card scheme logo and can be used wherever these cards are accepted.  This distinguishes these cards from closed loop cards which are also stored value cards but which may be used only in a single store or group of stores.
Open loop
A card that has been issued by a store and which is supported by a card scheme.  The card can be used in any shop that is displaying that card scheme’s logo.
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