Your assets are sold by the official receiver or the insolvency practitioner (if you’ve been assigned one) and the money is split between all your creditors who have made a formal claim. The official receiver decides how the money is split between all your creditors who have made a formal claim. The official receiver decides how the money is split and you cannot make payments directly to your creditors by yourself unless it is on secured debt (like mortgages), non-provable debts (like student loans, court fines, and child maintenance payments), or some crisis loans from the Department of Work and Pensions.
The money is split (in order or priority) between:
▪️ the costs of the bankruptcy
▪️ claims from any of your employers
▪️claims from your creditors
▪️ any interest on your debts
Any money left is returned to you. If all your debts are paid in full you can ask to have your bankruptcy annulled (cancelled)