What they do

Their purpose and role is:

• to administer and investigate the affairs of bankrupts and companies in compulsory liquidation

• the making of debt relief orders

• to establish the reasons for the insolvency

• to handle the disqualification of directors in all corporate insolvencies

• to refer fraudulent activity in the management of an insolvent businesses to the PSNI, where appropriate

• to regulate the insolvency profession

• to operate the Insolvency Account

• to formulate Northern Ireland-specific insolvency legislation and policy

Insolvency legislation

The legislation under which most formal insolvency procedures are administered is the:

• Insolvency (Northern Ireland) Order 1989

• Company Directors Disqualification (Northern Ireland) Order 2002

Insolvency law provides a system for dealing fairly with the assets of the insolvent individual or company and the claims of creditors. The law also deals with what happens to the individual or company following the insolvency.

The Insolvency Service are not involved in the day-to-day handling of administrations, administrative receiverships, voluntary liquidations or the majority of voluntary arrangements.