Bankruptcy Resources

The following resources all relate to bankruptcy and are a collection of website's which may be of interest to users of our site.

DEFINITION OF BANKRUPTCY:

Bankruptcy is a legally declared inability or inability of an individual or organisation to pay their creditors.

Insolvency.

A declared state of bankruptcy can be requested or initiated by the bankrupt individual or organisation, or it may be requested by creditors in an effort to all or some of what they are owed. However, in the overwhelming majority of cases, the bankruptcy is initiated by the "bankrupt" individual or organisation.

A person's legal declaration that he or she is legally insolvent. There are two types of bankruptcy: Involuntary Bankruptcy, where creditors or lenders file a petition against the debtor (person in debt), and Voluntary Bankruptcy, where the debtor files a petition claiming inability to meet creditors' requirements. A court decides whether or not a debtor can declare bankruptcy.

The Law in England and Wales relating to bankruptcy is different to that in Scotland and Northern Ireland.

IN ENGLAND AND WALES. THE INSOLVENCY SERVICE.

The staff are based at the network of 38 Official Receiver offices throughout England and Wales; the Enforcement Directorate and Headquarters in London, Birmingham, Manchester and Edinburgh; the Banking Section in Birmingham; and the Redundancy Payments offices in Edinburgh, Birmingham and Watford.

- administer and investigate the affairs of bankrupts, of companies and partnerships wound up by the court, and establish why they became insolvent;

- act as trustee/liquidator where no private sector insolvency practitioner is appointed;

- act as nominee and supervisor in fast-track individual voluntary arrangements;

- take forward reports of bankrupts' and directors' misconduct;

- deal with the disqualification of unfit directors in all corporate failures;

- deal with bankruptcy restrictions orders and undertakings;

- authorise and regulate the insolvency profession;

- assess and pay statutory entitlement to redundancy payments when an employer cannot or will not pay its employees;

- provide banking and investment services for bankruptcy and liquidation estate funds;

IN SCOTLAND.THE ACCOUNTANT IN BANKRUPTCY

For information in Scotland you should contact The Accountant in Bankruptcy at:

The Accountant in Bankruptcy
George House
126 George Street
Edinburgh, EH2 4HH

Tel :0131 473 4600
Fax : 0131 473 4737

Sequestration may be awarded against the estates of an individual, a partnership, a limited partnership, a body corporate or an unincorporated body (e.g. a club). A debtor's estate includes heritable and moveable property, money due to the debtor, the right to receive money or goods at some time in the future and any surplus income during the period of the sequestration. The trustee is required to ingather and realise the estate and distribute the proceeds among the creditors after deduction of the fees and expenses. The debtor is required to co-operate with the trustee at all times and is automatically discharged of his debts after 3 years, although this can be deferred by the court in certain circumstances. The trustee applies to the Accountant in Bankruptcy for discharge after the estate has been wound up. A permanent record of the process – the sederunt book - is maintained by the permanent trustee and is available for inspection at all reasonable hours by any interested person wherever it is held, either at the trustee's office, AiB's office or the Public Record Office.

IN NORTHERN IRELAND: THE INSOLVENCY SERVICE.

For information in Northern Ireland you should contact The Insolvency Service of Northern Ireland at:

The Insolvency Service
Fermanagh House
Ormeau Avenue
Belfast
BT2 8NJ

Tel: 02890 251441

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