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