Frequently asked questions
Below is a list of the main questions you will want to know the answers to during the process
How do I get my money back from an insolvent business or individual?
In an insolvency it’s not always possible to get all or, sometimes, any of your money back – the business or individual has entered an insolvency process for a reason.
To increase your chances of seeing at least some money back though, you should co-operate as much as possible with the Office Holder that has been appointed to work with the insolvent business or individual by whom you are owed money. The Office Holder is on your side: they are there to make sure as many debts as possible are repaid.
The more information you provide the Office Holder, the better: you should tell them as much as you can about the debt you are owed, and all that you know about the business or individual going through the insolvency process.
This microsite contains further information on how to get involved. This checklist will help you navigate the insolvency process too.
I’m a creditor and have not received any money from an insolvent company or individual – however the insolvency practitioner has. Why? Another creditor has been given a better deal by the insolvency practitioner. Why?
There is very often not enough money or other assets left in an insolvent company or individual’s possession to pay all creditors back all that they are owed.
Because of this, the government has created an ‘Order of Priority’ that determines the order in which costs and claims are paid.
You can read more here.
How do I complain about an insolvency practitioner or an Official Receiver?
How do I contact an insolvency practitioner?
If you need to speak to an insolvency practitioner regarding an individual insolvency, you can find out their contact details on the Insolvency Service’s Individual Insolvency Register or the Register of Insolvencies in Scotland. For a corporate insolvency, you should check the ‘Gazette’ Details on how to access these databases are here.
I’m not happy with the insolvency practitioner/Official Receiver handling a case where I am a creditor – can I change the insolvency practitioner/Official Receiver?
I know a director of an insolvent company or an insolvent individual is hiding assets. What do I do?
It’s important that you tell the insolvency practitioner handling the case about any concerns you have regarding a director’s or individual’s conduct. You can find out which insolvency practitioner to contact using the Insolvency Service’s ‘Individual Insolvency Register’ or the Register of Insolvencies in Scotland, or the Gazette. Details on how to access these databases are here.
How long will the insolvency take to sort out? How long do I have to wait to get my money back?
On average, insolvencies in the UK take about a year to resolve. However, each case is unique so some cases might take a lot longer to sort out; cases can be completed in less than a year too. Always speak to the insolvency practitioner or Official Receiver handling a case to keep up to date with what’s happening.
I don’t have time to get involved in the insolvency procedure – can someone do this on my behalf?
I have a voucher to use with a business which is now insolvent. Am I a creditor?
This very much depends on the particular insolvency. Whether or not vouchers are accepted by a business in an insolvency procedure is a commercial decision for the insolvency practitioner to take. Accepting vouchers may limit what could be paid back to a company’ other creditors; but the insolvency practitioner could also decide that accepting vouchers would be beneficial for the company’ creditors – it really depends on the situation. Make sure you speak to the insolvency practitioner handling the insolvency for more information.
I am in a legal dispute with a company or individual that is now insolvent, and I believe I am owed damages. How is my claim affected?
Which government department is responsible for insolvency?
Different government agencies and departments oversee insolvency in England & Wales, Scotland, and Northern Ireland. You can see the list of agencies here.