How To Go Bankrupt

What is the individual insolvency register?

Basically, this is a publicly held register with details of individuals who have gone through the bankruptcy process and have been declared bankrupt by the courts. The individual insolvency register also known as the bankruptcy register does not only cover any current bankruptcy, but also shows details of those that have had bankruptcy discharged within the last 3 months. Prior to 2004, the details of an individual’s bankruptcy proceedings were visible on the register for 2 years after discharge of the Bankruptcy Order had occurred. Many thought this grossly unfair and it has now been changed accordingly.

Who appears on the Individual Insolvency Register

Anyone who is made bankrupt will have their details made available to the public and this information can be accessed and used for a variety of reasons, including debt recovery and starting legal proceedings against an individual. It is also a means of checking that an individual is adhering to the Bankruptcy Restriction Order, if one has been issued. Occasionally, there may be a need for a Bankruptcy Restriction Order to be put into force. If the Official Receiver believes an individual has been deceitful or dishonest in their dealings, then they may ask the Court to grant a Bankruptcy Restriction Order.

Although the individual insolvency register is very useful if you need to check on the solvency of an individual, it is useless if you are looking into the affairs of a company director, as it does not hold any of these kinds of details. Additionally, it does not give details about business or company insolvency. The details on the individual insolvency register are also limited to the UK so no details about those in Scotland or Ireland can be found on this database. There is a separate database for those.

Individual Insolvency Register is free to search

This is a free searchable register that can produce useful information, particularly if you are a potential employer, or if you consider an individual is in breach of their Bankruptcy Restrictions Order. To search the individual insolvency register, you only need the surname of the person you are looking for. You could also search by the trading name that they used if they had a business. Clearly, if there are many people with the same surname, the search can be narrowed down by using other details such as trading name, address, age, bankruptcy date, and etc.

The register does not only contain bankruptcy details, it also holds information about people who have entered into individual voluntary arrangements (IVA) agreements. An IVA is an alternative to bankruptcy and there has been an increase in these arrangements of 55% during the last few years.

Once debts have been fulfilled or paid in full, then an individual can apply to have their details removed form the individual insolvency register. This is called an annulment. An annulment can also be made if an individual voluntary arrangement has been agreed or the Bankruptcy Order should not have been granted in the first instance. Once an annulment has been granted, details will be removed from the individual insolvency register within 5 days.