Where To View The Insolvency register
The insolvency register is available for everyone to see online. The details held on the insolvency register can also be found at your local Official Receiver’s office. The insolvency register holds the details of everyone that has entered into bankruptcy proceedings and been declared bankrupt in the last 15 months. It also holds the details of all those who have entered into individual voluntary arrangements with a view to releasing their debits.
The insolvency register does not hold details of disqualified company directors, which is a bone of contention for many people. It also does not have the details of companies that have gone into liquidation. This information can be found at Companies House. In addition, bankrupts in Scotland and Ireland are excluded from the register and their details can be obtained from their separate locations. Scotland’s database is held by The Accountant In Bankruptcy in Edinburgh. Ireland’s are held by Insolvency Services, located in Belfast.
Choosing to become bankrupt is a decision that many people wrestle with. There is still a fair deal of stigma attached to bankruptcy and your details are available for everyone to see for at least 15 months after the Bankruptcy Order has been granted. In addition to your details being available online, they are also published in your local newspapers. This means that friends, family and neighbours can all be made aware of your personal circumstances, no matter how quiet you want to keep it. However, if you are in such dire financial straits, this is a small price to pay to have freedom from crippling debts.
There are occasions when creditors may choose to make you bankrupt, although this is not very common. Usually an individual will make the decision to become bankrupt personally and as the harsh economic climate continues to affect everyone’s lives, the incidence of bankruptcy is increasing in the United Kingdom today.
Bankruptcy should be considered as a last resort as there are other mechanisms in place that may help with debt. The rise in individual voluntary arrangements is a testament to a system that works to release a person from debt. For some people, this may be preferable to being labeled “bankrupt” and having their personal details on the insolvency register, visible for the world to see. For others, bankruptcy is not a choice.
Once a person has been made bankrupt then there are certain limitations and restrictions. For example, they are unable to apply for and be granted credit. Although this may be difficult, it is easy to see why this arrangement is in force. Easy lending has led many people to the brink of bankruptcy; banks and other financial institutions have shown little compassion towards the spiraling debt this has created. In fact, banks have not admitted to culpability or accepted any responsibility for over-lending.
If you choose the road of bankruptcy then your details will appear on the insolvency register whether you want it to or not, therefore, if you do not want your details to be made public, you should take all the steps you can to avoid bankruptcy.
