• PCR can navigate troubled waters


    PCR can navigate troubled waters

The Insolvency Service (The Official Receivers)

The Insolvency Service is an executive agency of the Department of Business, Enterprise and Regulatory Reform (BERR). It operates under a statutory framework; principally the Insolvency Acts 1986 and 2000, the Company Directors Disqualifications Act 1986 and the Employment Rights Act 1996.

The Insolvency Service operates from a network of 38 Official Receiver offices throughout England and Wales, from which they:

  • Administer and investigate the affairs of bankrupts, of companies and partnerships wound up by the Court, and establish why they became insolvent;
  • Act as Trustee/Liquidator where no private sector insolvency practitioner is appointed;
  • Take forward reports of bankrupts’ and directors’ misconduct and deal with the disqualification of unfit directors in all corporate failures;
  • Authorise and regulate the insolvency profession;
  • Assess and pay statutory entitlement to redundancy payments.

Detailed information and guidance on bankruptcy and compulsory liquidation are available for download at the Insolvency Service website, together with the option of filing for personal bankruptcy online.


The Association of Business Recovery Professionals (R3)

The Association of Business Recovery Professionals is the leading professional association for insolvency, business recovery and turnaround specialists in the UK. Known by its brand name ‘R3′, it promotes best practice for professionals working with financially troubled individuals and businesses.

R3 has representation around the UK and provides a forum for debate on key issues facing the profession.

Statements of Insolvency Practice (SIPS) are issued to members of R3 and give guidance as to the best practice to be adopted by authorised insolvency practitioners having regard to the relevant legislation.




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