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What information is available from the register of insolvencies?
The register of insolvencies holds information on all sequestrations (bankruptcies) and protected trust deeds that fall under the jurisdiction of the Court of Session. This requires that the debtors have had a main place of residence or business in Scotland for the previous year. The register also holds information on all Scottish companies, limited liability partnerships and friendly and provident societies that have gone into liquidation or receivership since the 1 July 1999.
How long is information available on the register of insolvencies?
Information is available from the register of insolvencies for the year following the end of the action.
What information can be requested from the AiB?
You can request certified copies of an extract from the register of insolvencies from us. You can also ask for other documents if you can demonstrate your need to see them, and these also may be certified. A certified document has the same legal weight as an original document if used in a court action. As a result, there is a £19 fee for a certified extract of the register and a £13 fee for certifying any other document.
How much will it cost to access the register of insolvencies?
Access to the register of insolvencies is free.
Where can I find other information related to the register of insolvencies?
This website holds all required information on insolvency in Scotland. Publications on distinct topics are also available on request. Companies House holds advice and information on insolvent companies and receives notification of the appointment and release of all liquidators and receivers.
For further information, please view our information guide (in PDF format) on the register of insolvencies.
To view this PDF file you require Adobe Acrobat. If you do not already have this, you can download the Acrobat Reader tool at no cost.
What is sequestration?
Sequestration is the Scottish legal term for bankruptcy, and is governed by the Bankruptcy (Scotland) Act 1985 (as amended). Bankruptcy is a formal court process which involves the transfer (vesting) of the debtor's property to a trustee for the benefit of a bankrupt's creditors.
What are the interim trustee's duties?
The interim trustee safeguards the sequestrated estate pending the election or appointment of a permanent trustee, prepares the statement of affairs and calls the meeting of creditors if necessary. If the Accountant in Bankruptcy is the interim trustee, an agent may act on her behalf in the sequestration.
What are the permanent trustee's duties?
The permanent trustee takes possession of a sequestrated estate and administrates and realises it for the benefit of the creditors. If the Accountant in Bankruptcy is the permanent trustee, an agent may act on her behalf in the sequestration.
What is discharge?
A trustee may seek their discharge when they have completed their duties as trustee. A debtor is also normally automatically discharged from bankruptcy 3 years after the date of his discharge, but can be discharged 'on composition' if an offer of a dividend is made to the creditors. If the debtor does not co-operate, the trustee can ask the court to extend the sequestration for up to two years at a time.
What is recall?
If the debtor is in a position to be able to pay off all their debts, they may petition for recall. This has the effect of restoring the debtor's estate to its position prior to sequestration after all the debts have been paid.
What is a compulsory liquidation?
A compulsory liquidation requires that a petition be submitted to court following non-payment of a debt of £750 or more. A liquidator is then appointed by court to safeguard the assets of the company, and a winding up order is granted.
What is a member's voluntary liquidation?
The directors of the company make a declaration of solvency and within 28 days of that declaration the members of the company pass a special resolution at a general meeting stating that the company should be wound up. The company is not insolvent. If the liquidator is of the opinion that the creditors will not be paid in full, the member's voluntary liquidation will change to a creditor's voluntary liquidation.
What is a creditor's voluntary liquidation?
The members of the company pass an extraordinary resolution at a general meeting that the company should be wound up. The company is insolvent.
What is a provisional liquidator?
A liquidator appointed by court when the petition is submitted and whose powers are determined by the court order appointing them.
What is an interim liquidator?
A liquidator appointed by the court when the winding-up order is issued. They have limited powers to maintain the estate of the insolvent company until the meeting of creditors has been called.
What is an official liquidator?
The liquidator appointed at the meeting of creditors who is charged with liquidating the company's assets and distributing a divided to all qualified creditors.
What happens after the winding up?
The liquidator must submit accounts after 12 months and every subsequent 6 months until the final meeting of creditors. When the Registrar and AiB receive notice from the liquidator of the final meeting that winding-up is complete, the Registrar will register it and publish its receipt in the Edinburgh Gazette. Unless the court directs otherwise, the company will be dissolved three months after the notice was registered at Companies House.