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THE
INSOLVENCY SERVICE
The
Insolvency Service became an Executive Agency of DTI in March
1990 and operates mainly under the Insolvency Act 1986, the Company
Directors Disqualification Act 1986 and the Companies Act 1985.
It provides the essential mechanisms and efficient means
for dealing with individual and corporate financial failure and
the investigation of fraud and misconduct in insolvencies.
The Agency Chief Executive is accountable to Ministers
for the performance of The Service’s statutory and other functions.
Purpose
The
Service:
- Provides
advice to ministers on policy issues (including corporate insolvency
in Scotland)
.
- Undertakes
the preliminary administration and investigation of compulsory
insolvencies.
- Acts
as interim receiver and provisional liquidator in public interest
cases
- Acts
as trustee or liquidator in compulsory insolvencies where no
private sector
insolvency practitioner is appointed.
- Reports
criminal offences in compulsory insolvencies
.
- Takes
disqualification proceedings against unfit directors of failed
companies.
- Provides
banking and investment services for bankruptcy and liquidation
estate funds.
- Authorises
and regulates, directly or through recognised professional bodies,
private sector insolvency practitioners.
The
Service operates principally in England and Wales and carries
out its responsibilities through its 42 Official Receiver (OR)
offices in 33 locations and Headquarters Units in London, Birmingham,
Manchester and Edinburgh. Official Receiver offices are divided
into seven management regions, each headed by a Regional Manager.
The
Service's key objectives are:
- Efficient
administration of bankruptcies and compulsory liquidations in
accordance
with casework standard.
- Cost
effective investigation into bankrupts' and directors' conduct.
- Effective
framework for the regulation of private sector insolvency practitioners.
- High
level of compliance by, and standard of service to, users of
the
Insolvency Services Account.
- Pro-active
advice to ministers in insolvency and operational issues.
- Development
of staff, individually and collectively, to enable them to
deliver
an efficient and effective value for money service.
- Efficient
use of resources.
Further
information can be found on The
Insolvency Service web site.
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