Bankruptcy A bankruptcy order can be made by the court on the petition of either a creditor or the debtor. The bankruptcy lasts for twelve months, unless there has been a prior bankruptcy order within the previous fifteen years, or the debtor has failed to co-operate with the Trustee. Initially the Official Receiver is appointed Trustee, however if there are substantial assets to be realised, an outside Trustee will be appointed. The Trustee will realise all assets for the benefit of the creditors, these may include property, payments from income, shares, premium bonds and personal valuables.