O

Oath

A solemn calling upon God to witness to the truth of statements.

Obligation of confidence

The duty not to make public or known to a third party some secret or private information that was expressly or impliedly imparted under a relationship of confidence.

Occupation order

An order regulating the right to occupy the matrimonial home.

Occupiers Consent

Any person over 17 living at the property but not signing the Mortgage Deed will be asked to consent to the Mortgage being taken out and agree to move out if the Mortgagee takes possession due to the default of the Mortgagor.

Offer

A promise to do something or refrain from doing something which can be capable of leading to a legally binding contract if it is accepted by the other side. An offer can be withdrawn or revoked before its acceptance by the other party.

Office for Harmonisation in the Internal Market (OHIM)

The Trade Marks and Designs Registration Office of the European Union.

Office Holder

A qualified insolvency practitioner who holds the following posts: liquidator, provisional liquidator, administrator, administrative receiver, supervisor of a voluntary arrangement, or trustee in bankruptcy.

Official Receiver (OR)

The civil servant employed by the Department for Business, Innovation and Skills (formerly known as the Department for Trade and Industry) to head the regional offices whose responsibilities cover bankruptcies and compulsory liquidations.

Onerous Property

Unprofitable contracts, or property which is unsaleable or not easily saleable or which might give rise to a continuing liability. Such property can be disclaimed by a liquidator or a trustee in bankruptcy.

Open market rent review

Where the rent review clause provides that the rent on review should be based on the open market rent prevailing for new lettings.

Order

A direction by a Court.