Search the Bankruptcy & Individual Insolvency Register

You can easily find information of those people who have signed agreement to handle their debts in Wales and England or those people who have become bankrupt. By checking the Individual Insolvency Register, you can find information relating to various cases of insolvency in England and Wales. These also includes:

Relief orders of debt.

Bankruptcies, i.e. the discharge date when a person don’t have any debts.

Voluntary Individual Arrangements

For the sole traders, you can explore the register by trading name or the name. After the ending of the insolvency case, then after three months, records are removed. To rectify the mistakes, you need to contact that office which handles the cases of the insolvency.

Finding people with Debt Relief or Bankruptcy Restrictions

You can also find the people list with extra restrictions of insolvency with in the past three months. This list carries information of those people who have burst their Debt Relief Order or bankruptcy terms. They will charge a penalty known as Debt Relief Restrictions Undertaking (DRRU) or Order (DRRO) or Bankruptcy Restrictions Undertaking (BRU) or Order (BRO).

After three months, you can easily search details in the Individual Insolvency Register. The penalties are not included in this register. You can find details regarding the improper conduct of a person (who have present debt relief or bankruptcy restrictions) by get in touch with the official receiver handling the case.

Finding those company directors which are disqualified:

The register of disqualified directors of company house includes information of all the directors who are disqualified by the insolvency service and the courts.

The register contains disqualified director nationality, date of birth, address, name, and registered address last,When disqualification of the directors starts and finish, the number of disqualifications of the directors, the reason of disqualification of the directors, companies name relevant to director’s disqualification, and full information regarding disqualification of directors,

During the last three months of disqualification of the directors, you can see complete information using the online insolvency services.

A person who have restrictions of bankruptcy, a debit relief order, or a bankruptcy order is not permitted to become a company director.

You can look in the register of bankruptcy and insolvents to view who is banned.

How to apply for bankruptcy

If you are not in a position to pay your debts, then you can apply for bankruptcy. You can also find if there are other methods of handling your debts before you apply to become a bankrupt. An adjudicator will take care of your application and he or she manages the insolvency service. Their decision is important for your bankruptcy.

The procedure is distinct if some other person is applying for your bankruptcy. You can apply online for the bankruptcy. The charges are £680. Click on the button to apply for bankruptcy

When you bankrupt what happens?

If you are bankrupt by the adjudicator then a copy of order of bankruptcy is given to you. To pay for your debts, you can use your assets. You require to follow the restrictions of the bankruptcy. In the individual insolvency register, your information and name will publish.

To remove your address from the register of the individual insolvency, you need to apply for it. If your address is published in the individual insolvency register, then this is very risky for you. This does not have an impact on your bankruptcy.

After one year, you are discharged from your debts and restrictions of the bankruptcy. During the period of bankruptcy, those assets which belongs to your estate can utilizing for paying your debts. Before discharging, bankruptcy is cancelled by you. Only an individual become a bankrupt. For more information you need to get in touch with National Debtline.

For managing your debts, you can consult a debt adviser. If you live in Northern Ireland or Scotland, then you are not entitled to apply for bankruptcy in England and Wales. You do not require to break the restrictions of the bankruptcy in England and Wales.

If your employer becomes insolvent

If your employer becomes insolvent, then your employer is not able to pay its debts. In this case for the money which you owed to your employer, you can raise a claim.

Insolvency types

If you are working in an insolvent company, then this signifies that:

Receivership A single creditor manages receivership and lent its money in a safer way. To make payment to the creditor, assets are sold.

Liquidation When a company is shutdown then to pay those people, who owes money to the company, the assets of the company are sold.

Administration In this case, the employer appoints an administrator whose job is to run the company in a proper way.

Agreement voluntary with creditors If an individual is your employer, then insolvency is known as bankruptcy. In the Scotland, it is known as sequestration. The voluntary agreement with creditors is known as “trust deed” in Scotland. Insolvency practitioner is that person who manages the insolvency.

Via the insolvency practitioner, you can claim your money if you owned money to someone.

If you are told to work continuously

The business runs continuously if it seems that the business can be sold or rescued. In that case, you are told to work continuously. This do not impact your right to claim pay of the redundancy, in case if the business shut down.

If some other person purchases the business, then your rights of the employment are safe. It also includes your monetary compensation which you owed to the company.

When you become bankrupt

You become bankrupt if:

You owe money amounted to around £5,000 or higher.

When the voluntary individual agreement terms are broken by you.

When you provide details, which are not correct to receive the IVA.

Before you can become bankrupt

Before you become a bankrupt, if money is owed by you to some people, then these people work out different legal methods to recover their money from you. This is a judgement of the court or a statutory demand. You can take expert advice from consultants if a statutory demand is sent to you. If you are not agreed with the statutory demand, then you can also challenge it.

If someone made you bankrupt, then what happens

If you become a bankrupt then:

To pay your debts, you can use your assets.

You can challenge your bankruptcy in the court via a petition of the bankruptcy if you do not want to become bankrupt.

The procedure of bankruptcy is totally different in the Northern Ireland and the Scotland.

Also Read : LIQUIDATE YOUR LIMITED COMPANY: Creditors’ Voluntary Liquidation & Members’ Voluntary Liquidation

To pay your debts, what are the options:

If money of people is owed by you, then to pay the debts, you can make plans. Your choice depends up on the assets owned by you and the money amount.

By setup the following, you can pay your debts in monthly instalments.

• A voluntary individual agreement which is handled by the insolvency practitioner.
• A plan of debt management. With your creditors, it is an arrangement handled by a finance company.
• You can also apply for an order of bankruptcy or debt relief if you feel difficulty in paying your debts. The reason is you do not have assets or money which you can sold.
• An order of administration when a judgement of high court or country court is not in favor of you for debts less than £5,000.
• You can plan a program of debt payment in the Scotland from the scheme of debt arrangement.

With your creditors, you can also plan the informal agreement. You can receive help from the money advice service which provides details regarding the management of the debt and also provide free advice of the debt.

If you are not able to pay the debts, then you become a bankrupt.

Also Read : Business Recovery & Company Closures

Bankruptcy Restrictions

If you become a bankrupt, then you require to follow the instructions of the bankruptcy.

This signifies that you do not:

• Take amount of money in excess of £500 without providing the information to the lender of you becoming a bankrupt.
• Work as a company director with the approval of the court.
• Promote, manage or create a company without the approval of the court.
• Handle a business with a distinct name without disclosing people with whom you are performing business that you become a bankrupt.
• Work as practitioner of the insolvency (authorized specialist of debt)

If restrictions are broken by you then it is punishable under the law. In that case you can face legal action against you.

You need to co-operate with the individual handling your case of bankruptcy. You require to give them proper details. During bankruptcy you need to face the restrictions. You can also have the option of extended your bankruptcy if you do not perform your services under the proceedings of the bankruptcy.

The official receiver will inform you regarding continuance of the restrictions.

About the author

Sumit Agarwal
Sumit Agarwal (ACMA ACA India), the Managing partner of dns accountants is a highly respected accountant with expertise in helping owner-managed businesses.