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Winter 2021

Content

• We’re seeking your views on debt relief orders (DROs)
• New guidance for insolvency and debt advice professionals
• Catch up on Insolvency Live! 2020
• Our Brighton and Ipswich offices have moved
• Recent enforcement successes

We’re seeking your views on debt relief orders (DROs)

The Insolvency Service has launched a  public consultation and is seeking views on proposals to increase the financial eligibility criteria to enter a DRO. The new proposals include: increasing the total amount of debt allowable to £30,000 (from £20,000) increasing the value of assets owned by the individual to £2,000 (from £1,000) increasing the level of surplus income to £100 (from £50) per month We’re welcoming responses from debt advisors, debtors, creditors, trade bodies, insolvency practitioners and any other interested parties. The closing date for responses is 26 February 2021.

New guidance for insolvency and debt advice professionals

The following guidance for insolvency and debt advice professionals has recently been published:

• Cross-border Insolvencies: Recognition and Enforcement in EU Member States from 1 January 2021
• Debt Respite Scheme (Breathing Space) guidance

Catch up on Insolvency Live! 2020

On 24 November 2020 we hosted our first virtual Insolvency Live! If you missed the live event you can read about it and watch the videos on the Insolvency Service blog. Other recent blog posts celebrate the nominations of two of our colleagues for the Women in Credit awards and we remember the men of the bankruptcy department who fought in WW1.

Our Brighton and Ipswich offices have moved

• The new addresses for our Brighton and Ipswich offices are:

  • Brighton: 2A City Gate, 185 Dyke Road, Hove, Brighton, BN3 1TL
  • Ipswich: Franciscan House, 51 Princes Street, Ipswich, Suffolk, IP1 1ED

  Both offices host our official receiver and long-term asset distribution teams.

  Read the guidance on how you can contact us during the current Covid-19 restrictions.

Recent enforcement successes

Enforcement successes

Our work tackling financial wrongdoing helps to deliver economic confidence.

Cases recently completed include:

• Two property investments companies and an associated company have been wound up after misleading investors and misappropriating funds
• Kent waste director banned for 7 years after failing to explain legitimacy of £1.14million worth of payments
• Bankrupt from Lancaster sentenced after spending £59,000 from house sale which should have gone towards paying his creditors
• Takeaway owner from Kent banned for 7 years after undeclaring orders to avoid paying £265,000 worth of taxes
• Health supplements boss who failed to rein in aggressive overseas call centre banned for nine years

We have also recently issued directors’ disqualification proceedings against the directors and former directors of Carillion.

www.gov.uk/insolvency-service

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