Performing an insolvency check to know if a customer is subject to insolvency proceedings is essential for many companies and often decides the outcome for a potential business transaction. In the UK there are various forms of insolvency which include bankruptcy, individual voluntary arrangements (IVA’s), sequestration and debt relief orders – we provide access to the related data via our range of data driven products.
If your company activities include debtor tracing, insolvency data will prove invaluable. Establishing a subject is insolvent at an early stage of your investigation will prevent you from wasting time 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 provides a clearer picture of the individual. If a party is subject to insolvency proceedings it might affect the transaction’s viability, especially if there is financial risk or they do not declare their insolvency.
To find out how to search insolvency data contact us.