Insolvency Services Account
Produced in partnership with Christopher Buckley of Radcliffe Chambers
Insolvency Services Account

The following Restructuring & Insolvency practice note produced in partnership with Christopher Buckley of Radcliffe Chambers provides comprehensive and up to date legal information covering:

  • Insolvency Services Account

The official receiver (OR) deals with the administration and investigation of all bankruptcies and compulsory liquidations, including partnerships (ie liquidations resulting from a court order).

The Secretary of State may appoint an insolvency practitioner (IP) as trustee in bankruptcy instead of the OR (for personal insolvencies) and the Secretary of State of the creditors may appoint an IP as liquidator instead of the OR (for corporate insolvencies).

The Insolvency Regulations 1994, SI 1994/2507, as amended (the Regulations) require the OR or IP (as appropriate) to pay into the Insolvency Services Account (ISA) monies received by them in the course of their

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