What is The Insolvency Service?

The Insolvency Service is a government agency currently run by the chief executive Dean Beal. Their objectives are to investigate those with financial wrongdoings while supporting those in distress. This should then accomplish their goal of maximising asset returns to creditors. 

Figures like Garry Lee, chair of The Insolvency Body R3’s southern region have seen those needing insolvency advice soar. Lee stated: “The crossover between the end of the pandemic and the increases in energy, fuel and food has hit finances hard, and the situation could become more challenging as the year goes on.”

What does The Insolvency Service do?

The Insolvency Service regulates and monitors those working within the insolvency profession. They keep an eye on anyone associated with insolvency solicitors. Their exact roles are as follows:

• Administer bankruptcies and debt relief orders (DROs)
• Investigate the affairs of companies in liquidation, making reports of any director misconduct
• Investigate trading companies and disqualify company directors if cases of misconduct are found
• Investigate the conduct of directors of companies while they are in insolvency proceedings
• Investigate the conduct of directors of companies that have had their company dissolve
• Become the trustee or liquidator where no private sector insolvency practitioner is available
• Issue redundancy payments from the National Insurance Fund
• Work to remove inadequate company directors
• Deal with bankruptcy and DROs and undertakings
• Act as an unbiased source of information available to everyone on topics surrounding insolvency advice and redundancy  
• Advises the Department of Business Energy and Industrial Strategy ministers and other government departments and agencies on insolvency and redundancy related issues
• Can prosecute individuals if they have violated insolvency legislation

Can The Insolvency Service take my pension?

The Insolvency Service cannot use an Official Reciever to access your pension as long as you do not cash a lump sum or receive regular income from it. This only applies for 4 years after you claim bankruptcy. Additionally, pensions from your business should not be part of a company’s assets. Therefore they are usually unable to be taken. 

Under The Insolvency Service, there are civil servants. An Official Reciever (OR) is a civil servant that can act as a provisional liquidator. This means they look after company assets and records. Their access to company records also allows them to investigate figures within the company. Typically they look at the conduct of directors to understand why their company has liquidated. This means looking for fraudulent affairs within the business.

How to contact The Insolvency Service?

To get in contact with The Insolvency Service, you can call them on 0300 678 0015, email them at insolvency.enquiryline@insolvency.gov.uk or visit the Insolvency Service website.  

The Insolvency Service is not the only place to go for insolvency advice. You can also contact an insolvency lawyer, who can provide you with a more tailored service.

What are Insolvency Lawyers?

Insolvency lawyers are figures that will give you insolvency advice. They can help you throughout the whole insolvency process. It is highly recommended to go to a solicitor who specialises in insolvency advice so you can get the best aid during your financial struggle. 

At Asset Solutions we have specialist insolvency solicitors who can help you with your specific situation.

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If you are worried about debt, bankruptcy or possible insolvency, contact Asset Solutions today at 0800 689 3861. Our experienced team members provide unrivalled assistance to individuals throughout the entire insolvency process and help to stop bankruptcy. We understand that anyone facing problem debt is likely to feel overwhelmed and intimidated. That’s why we’re here to support you throughout the process and help you achieve the best results possible for your situation. Contact us today for more information.