failing to keep proper accounting records. continuing the company’s trading when the company was insolvent. The Secretary of State must decide whether it’s in the public interest to seek a disqualification order against a director.Įxamples of the most commonly reported conduct are: The liquidator, administrative receiver, administrator or Official Receiver must send the Secretary of State for Business, Energy & Industrial Strategy, a report on the conduct of all directors who were in office in the last 3 years of the company’s trading. Institute of Chartered Accountants in Scotland. Institute of Chartered Accountants in Ireland. Institute of Chartered Accountants of England and Wales. 
Association of Chartered Certified Accountants. Insolvency practitioners may be authorised by the: Receiver managers, Law of Property Act (LPA) receivers and nominees appointed to manage a company voluntary arrangement moratorium do not have to be authorised. 1.2 Supervising insolvency proceduresĪll liquidators, administrators, administrative receivers and supervisors taking office must be authorised insolvency practitioners. See our guidance for more information on striking off and dissolution of a company. This procedure is not an alternative to formal insolvency proceedings. If we have reason to believe that a company is not carrying on business or is not in operation, its name may be struck off the register and dissolved without going through liquidation.Ī private company that is not trading can apply to be struck off the Companies House register. 1.1 Companies can be dissolved without going through insolvency proceedings It’s important to note that not all companies involved in insolvency proceedings are insolvent. There are many different types of company insolvency proceedings. Insolvency proceedings are formal measures taken to deal with company debt. The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021. Corporate Insolvency and Governance Act 2020. The Insolvency (England and Wales) Rules 2016. 
You can find the relevant legislation in the: We can help with queries about what documents you must send to Companies House, such as what notice to file when an administrator has been appointed. You should also contact the Insolvency Service.
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You should seek independent professional advice if you suspect your company is, or is about to become, insolvent.
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