The role of the Insolvency Service is to:
- administer Bankruptcies and Debt Relief Orders;
- look into the affairs of companies in Liquidation, making reports of any
director misconduct;
- investigate trading companies and take action to wind them up and/or
disqualify the directors if there is evidence of misconduct;
- act as Trustee in Bankruptcy/Liquidator where no private sector Insolvency
Practitioner is in place;
- issue redundancy payments from the National Insurance Fund;
- work to disqualify un.t directors in all corporate failures;
- deal with Bankruptcy and Debt Relief Restrictions Orders and
Undertakings;
- act as a impartial source of information for the public on insolvency and
redundancy matters;
- advise BEIS ministers and other Government departments and agencies on
insolvency and redundancy related issues;
- investigate and prosecute breaches of company and insolvency legislation
and other criminal offences on behalf of the BEIS.
[See 'Bankruptcy', 'Debt Relief Order', 'Liquidation', 'Trustee in Bankruptcy',
'Insolvency Practitioner' and 'DBEIS'.]
Insolvency Services Account
The Insolvency Regulations 1994 require the Official Receiver or officeholder
running an insolvency intervention to pay into the Insolvency Services Account
(ISA) moneys received by them in the course of the administration of all
Bankruptcies and Compulsory Liquidations.
Funds could also be deposited into the ISA in voluntary Liquidations, but only
unclaimed dividends have to be so paid.
[See 'Insolvency Services Estates Accounts', 'Bankruptcies', 'Compulsory
Liquidations' and 'ISEA'.]
