What is the Insolvency Register?

Summary: This article explains what the insolvency register is, the details it holds, and what impact it may have on an individual.

The insolvency register is publicly available and contains details of all those who are currently considered to be insolvent. It is the responsibility of the Insolvency Service to maintain he register and ensure all details are up to date.

Who is listed on the Insolvency Register?

The insolvency service list on their website (http://www.bis.gov.uk/insolvency), the following as being listed on the register:

• Current bankruptcies and Debt Relief Orders (DROs), or those that have ended within the last 3 months.
• Current Individual Voluntary Arrangements (IVAs) including those that have ended within the last 3 months.
• Current bankruptcy restrictions orders or undertakings (BROs/BRUs) and interim bankruptcy restrictions orders (iBROs).
• Current debt relief restrictions orders or undertakings (DRROs/DRRUs) and interim debt relief restrictions orders (iDRROs).

In summary, the register includes anyone who finds themselves insolvent and is undergoing any form of financial restrictions.

What personal details are kept on the Insolvency Register?

Anyone searching for an individual on the Insolvency Register will be able to find their full name, address, date of birth, category of the case (e.g. bankruptcy or IVA) and in some cases, the court dealing with the case.

Why are my personal details available on the Insolvency Register?

By law, the Insolvency Service has to keep a database of individuals who are insolvent. This is in order for checks to be made by debt recovery agents, employers who screen for potential employees and credit companies checking credit worthiness. While addresses are usually listed, in exceptional circumstances, it may be possible to have this withheld, for example where there may be a violent ex partner involved, but permission would need to be granted by the courts for this to happen.

How long do my details remain on the Insolvency Register?

In the case of bankruptcy, once the individual has been discharged, it will usually be after 3 months that details are removed from the register. Where an individual has been in an IVA, they will remain on the register until the IVAs completion and the relevant certificate confirming this has been passed on by the IVA supervisor.

What impact does being on the Insolvency Register have?

Details are usually entered on the record as soon as an individual has been declared bankrupt, or has successfully entered an IVA or DRO. Aside from the obvious implications on obtaining future credit, being a publicly available record, it could have an impact on employment if an employer has contractual clauses relating to bankruptcy or insolvency (as is often the case in certain professions such as accountancy). If in doubt, it is important to refer to any contract of employment and, if necessary, discuss with the employer. Being on the insolvency register may also have implications for members of professional bodies.