The Insolvency Service has reported that personal insolvencies in England & Wales, which include Bankruptcies and Individual Voluntary Arrangements (IVA), have dramatically risen over the past few years.
For many companies knowing if a customer is subject to insolvency proceedings is essential, as this could affect the way they conduct business. Insolvency data is part of our portfolio of datasets, and can be accessed in several ways.
If your company activities include debtor tracing, insolvency data will prove a useful tool. Establishing a subject is insolvent at an early stage in your investigation will prevent you from wasting time and money on trying to collect; you may also be able to make a reimbursement claim if the debt was purchased from another party.
As part of identity checks, insolvency data will give you a clearer idea of whom you are dealing with. If a party is subject to insolvency proceedings it will affect the transaction viability, especially if there will be a financial risk or they do not declare their insolvency.
When carrying out a trace exercise using our online tracing tool, its unique consumer profiling system automatically reveals bankruptcy and IVA results for the subject of enquiry.
To find out how to search insolvency data contact us.