The Bankruptcy Register – Everything You Need to Know
The world of finance is filled with jargon and official terms, one of which is the Bankruptcy Register. This term is important to understand thoroughly if you’re considering an insolvency debt solution, such as bankruptcy or an IVA.
The Bankruptcy Register in a Nutshell
Bankruptcy is publicly recorded – in a similar way to births, deaths and marriages. However rather than there being a single dedicated register for bankruptcies alone, all insolvencies are recorded on a central register known as the Individual Insolvency Register. This online, publicly accessible register lists the details of all individuals who are currently using a form of insolvency solution, such as an IVA, bankruptcy or Trust Deed.
The Bankruptcy Register is open to anyone, and its purpose is to help others with a vested interest to know whether a person has an outstanding bankruptcy (landlords, creditors and employers – for example). It is also used by credit reference agencies during a credit check, which allows both lenders and borrowers alike to have a full, 360-degree understanding of the risks involved with lending to someone.
Are there Bankruptcy Registers in England?
Yes, however the Insolvency Register is only applicable to those in England and Wales. In Scotland and Northern Ireland they have their own individual registers.
The Bankruptcy Register – In Detail
The Bankruptcy Register is managed and maintained by the Insolvency Service, and it lists:
- Date of birth
- Arrangement date
- The date of the bankruptcy order, court, reference number
- Status of the Bankruptcy
- Planned discharge date, or any suspensions of that discharge
- Any Bankruptcy Restriction Orders that may have been made
Key Question: Where Can the Bankruptcy Register Be Accessed?
Accessing the Bankruptcy Register can be completed online, for free, via the Individual Insolvency Register. It can also be accessed through the Official Receiver’s Office. To find your nearest Official Receiver’s Office, check the Insolvency Service website.
The Bankruptcy Register Process
Once a bankruptcy has been approved, the Official Receiver will enter the necessary information to be added to the Bankruptcy Register. This data will allow anyone who searches the register to look for additional information on the case.
In addition to the details that it will list, there will also be information added to help those searching to identify the debtor the listing applies to. This information includes: the nature of any business carried out, alternative names used, any business addresses, the debtor’s gender, previous bankruptcy dates, the name of the trustee, and contact details for that trustee.
Worried about debts that won't go away?
Key Question: What Happens After the Bankruptcy Is Complete?
Once the bankruptcy period is complete the Secretary of State will remove all information about the bankruptcy from the Bankruptcy Register. This takes place when a bankruptcy is annulled, or three months following its discharge.
Bankruptcy – Concerned About Your Family and Friends Finding Out?
It’s a common fear of those considering bankruptcy that the people they know will find out about their financial status. In all but the rarest of instances there is usually no cause for concern. Those who use the Bankruptcy Register are looking for specific information, and without you telling those around you about your circumstances it’s highly unlikely they’ll find out about your bankruptcy.
You should also bear in mind that bankruptcies only last for 12 months, and after a further three month your details will be removed.
Considering bankruptcy? Before moving ahead with this serious decision you may want to research alternative debt solutions.