If a person or company owes you money and the court issues them with a bankruptcy or winding-up order, use a ‘Proof of Debt’ form to register as a creditor.
When you register, you’ll be added to the list of creditors (people who are owed money). You’re not guaranteed any payment, but you’ll be:
- kept informed about the case
- allowed to vote on decisions at any creditors’ meetings
How to register
Send the form to the person who is handling the case. This is usually an official receiver (OR) to begin with. ORs are court officials who deal with bankruptcies and liquidations.
The OR may hand over the case to an insolvency practitioner (IP) - a lawyer or accountant who specialises in debt recovery. In a bankruptcy, the OR or IP is known as the ‘trustee’. In a company liquidation, they’re known as the ‘liquidator’.
If you don’t have the address of the OR or IP, find their details on either:
- the Individual Insolvency Register if it’s an individual bankruptcy
- the Companies House website if it’s a company liquidation
The OR can call a creditors’ meeting if they decide to appoint an IP, for example when there may be money left to pay creditors after paying the IP’s fees.
You and other creditors can also call a creditors’ meeting if your debts are 25% or more of the total amount. Fill in the form and send it to the OR or IP.
At the meeting you and other creditors can appoint a committee of creditors to assist the trustee or liquidator, unless the official receiver remains as trustee or liquidator.
The OR or IP will send you a report about the debts and any assets being used to pay the creditors. It will tell you how much you may get and explain why.
If an IP is handling the case they will call a final creditors’ meeting to explain how the available money is being distributed. If you want to dispute the amount, get legal advice.
There is no fixed schedule for dealing with assets and debts following a bankruptcy or liquidation. It may take a long time to complete the case.
Creditor claims are different in Scotland - see the Accountant in Bankruptcy website.