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Bankruptcy
The WestFar EastModern insolvency legislation and debt restructuring practicesFraudIn the United StatesChaptersIn CanadaDuties of trusteesCreditors meetingsConsumer proposals in CanadaIn EuropeIn the United KingdomIn the Netherlands
The WestFar EastModern insolvency legislation and debt restructuring practicesFraudIn the United StatesChaptersIn CanadaDuties of trusteesCreditors meetingsConsumer proposals in CanadaIn EuropeIn the United KingdomIn the Netherlands
In the United Kingdom
In the , Administration (insolvency) (administration order and administrative receivership). However, the term 'bankruptcy' is often used (incorrectly) when referring to companies in the media and in general conversation. Bankruptcy in Scotland is referred to as Sequestration.A Trustee in bankruptcy must be either an Official Receiver (a civil servant) or a licensed insolvency practitioner.
Following the introduction of the Enterprise Act 2002, a UK bankruptcy will now normally last no longer than 12 months and may be less, if the Official Receiver files in Court a certificate that his investigations are complete.
It is expected that the UK Government's liberalisation of the UK bankruptcy regime will increase the number of bankruptcy cases; initial Government statistics appear to bear this out.
There were 20,461 individual insolvencies in England and Wales in the fourth quarter of 2005 on a seasonally adjusted basis. This was an increase of 15.0% on the previous quarter and an increase of 36.8% on the same period a year ago.
This was made up of 13,501 bankruptcies, an increase of 15.9% on the previous quarter and an increase of 37.6% on the corresponding quarter of the previous year, and 6,960 Individual Voluntary Arrangements (IVA’s), an increase of 23.9% on the previous quarter and an increase of 117.1% on the corresponding quarter of the previous year.