Category: 

What is the Insolvency Register?

Article Details
  • Written By: Marlene Garcia
  • Edited By: Daniel Lindley
  • Last Modified Date: 25 January 2020
  • Copyright Protected:
    2003-2020
    Conjecture Corporation
  • Print this Article

An insolvency register is a public record of individual bankruptcy that includes details outlining the terms of the bankruptcy order and the date it expires. The register provides information on the person who filed for bankruptcy and the creditors involved. It might also include the debtor's occupation, address, and any prior bankruptcies within a set time period. An insolvency register is a public document that can be accessed without a fee.

Personal voluntary bankruptcy is a common method of claiming insolvency when someone is burdened with debt he or she cannot repay. A trustee or practitioner works with the debtor to devise a plan to pay creditors and allow the debtor to start over financially. The trustee determines which assets are exempt from a bankruptcy order and how the debtor's future wages are distributed. Typically, each region sets its own criteria for assets that are exempt from the order.

A bankruptcy is usually in effect for six years. It can be ended sooner if the debtor meets all the obligations set forth in the order, or when the order is withdrawn. The insolvency registry, sometimes called a bankruptcy directory, outlines the date the order ends. It might also contain personal information about the debtor, including his or her date of birth and any business names used.

Ad

Sometimes a separate insolvency registry or directory is available to track corporations that file for bankruptcy. It might be checked by employees of a company or creditors that have been approached for a loan. Investors can also stay abreast of the company's financial health by monitoring the insolvency register.

Two main types of corporate bankruptcy exist. An insolvency register gives information about both types of commercial bankruptcies. In a reorganization, the firm continues business as usual in an attempt to become profitable and pay accumulated debt, and a trustee usually is appointed to make all major business decisions.

A second type of bankruptcy occurs when the company ceases operations. In this case, the trustee sells the corporation's assets and pays outstanding bills. In some regions, a court may order liquidation of assets to make creditors whole.

Most insolvency registries can be searched online with the individual’s name. Even if someone does not know the correct spelling of the name, a list of options that are similar will appear. The insolvency register can also be searched by the number assigned by the bankruptcy court.

Ad

Recommended

Discuss this Article

Post your comments

Post Anonymously

Login

username
password
forgot password?

Register

username
password
confirm
email