LOOKING FOR A CORPORATE DEBT SOLUTION?

HOW CAN THE INSOLVENCY SERVICE HELP YOU?

Although it may be the kind of government body that most of us would much rather never have to deal with, the Insolvency Service provides advice, assistance and a framework to help deal with the issues that arise in cases of both personal, and corporate insolvency in England and Wales.

As part of the government’s department for Business, Innovation and Skills (BIS), it provides regulation and guidance when either an individual becomes personally insolvent, for example, bankruptcy, or a company suffers corporate insolvency, for example, through liquidation.

PERSONAL INSOLVENCY

When an individual becomes insolvent — that is, unable to repay debts to their creditors — the solutions to the situation can take a number of forms. These include:

  • Bankruptcy, which can allow a fresh start, but is often only recommended as a last resort
  • A debt relief order (DRO), available in some cases where the amount owed is less than £15,000 and the individual’s total assets are worth less than £300
  • Individual Voluntary Arrangements (IVA) – formal arrangements to repay creditors, managed by an authorised insolvency practitioner

The Insolvency Service deals with bankruptcy and debt relief orders, and can provide help and advice about these matters through their enquiry line — 0845 602 9848.

CORPORATE INSOLVENCY

Companies can become insolvent when an official receiver is appointed and the firm goes into liquidation. The service fulfils a number of functions in relation to companies in liquidation, which include:

  • Investigating and administering companies in liquidation, including reviews to establish how and why they became insolvent,
  • Acting as a trustee or liquidator in cases when no private insolvency practitioner is appointed
  • Investigating allegations of misconduct by a company director
  • Dealing with statutory redundancy payments when insolvent companies cannot pay workers

For individuals affected by corporate insolvency, the service offers an investigations hotline on 0845 601 3546, and a redundancy helpline on 0845 145 0004.

OTHER HELP AND POINTS TO CONSIDER

The service recently launched a new website at www.bis.gov.uk/insolvency with extensive information and downloadable guides for those facing personal insolvency, as well as information and guidance about corporate insolvency.

The site lets visitors search the Insolvency Service Register online, by either a personal or trading name. A full range of Insolvency Service are also offered for download.

The Insolvency Service enforces English law and regulations, and only deals with individuals and companies in England and Wales. For Scottish, those affected should visit the site for the Accountant in Bankruptcy, or the Insolvency Service NI for Northern ireland:

Accountant in Bankruptcy (Scotland): www.aib.gov.uk
Insolvency Service (Northern Ireland): www.detini.gov.uk/deti-insolvency-index.htm

Personal debt management problems and matters relating to company liquidation are difficult to deal with, but The Insolvency Service should be the first port of call for anyone needing independent debt management advice.

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