Getting information like if a person has been bankrupt before or getting insolvency history or company details can often be quite important before a person or a company makes a decision to deal with a entity or person.
So what is the NPII ( National Personal Insolvency INDEX) ?
The National Personal Insolvency Index is a data base maintained by the Insolvency Trustee Service Australia, an Executive Government Agency that oversights and regulates Australia’s bankruptcy laws, trustees and administrators.
The cost of searching a name on the system is $35 depending on information provider and somewhat prohibitive to both commercial and private enterprises.
The Insolvency and Trustee Service Australia ("ITSA") is responsible for maintaining an index containing information on proceedings and administrations under the Bankruptcy Act, 1966.
Any person can, for a fee, gain access to the information maintained on this index through authorised Index Search Agents.
Contact details of Index Search Agents are provided below. The fees charged by the different providers can vary.
National Personal Insolvency Index Search Agents
CITEC Confirm
Phone: (07) 3222 2700
Phone: 1800 773 773
Fax: (07) 3222 2747
Email: confirm@citec.com.au
Web: http://www.confirm.com.auCITEC Bankruptcy Search link: http://www.confirm.com.au/citecConfirm/ serviceAreas/subAreas/corporate_npii.shtml
Australian Business Research Pty Ltd
Phone: (07) 3837 1333
Phone: 1300 366 402
Email: abrdata@abr.com.au
Web: http://www.abr.com.auABR Bankruptcy Search link: https://secure.abr.com.au/oneoffs/order_form.htm?Source=BR
Espreon Property Services
Phone: 1300 305 205
Fax: 1300 553 030
Email: client.services@espreon.com
Web: http://www.espreon.comEspreon One-off Searches link: http://www.espreon.com/OneOffSearch.htm
Veda Advantage and Dun & Bradstreet in particular download new entries on a regular basis in order to update credit file information which is then used by the banks or other loan given insitutions to check for bad credit history.
Often there are more options available as well before a person can consider bankruptcy like a Part IX agreement or part X agreement which a person can negotiate with Itsa – more details here
For more information about the NPII and documents available for inspection, refer to ITSA’s fact sheet: Searching the Public Record.
What is a receivership? ( liquidation)
A company most commonly goes into receivership when a receiver is appointed by a secured creditor who holds security over some or all of the company’s assets. The receiver’s primary role is to collect and sell sufficient of the company’s charged assets to repay the debt owed to the secured creditor.
The receiver’s role is to:
- collect and sell enough of the charged assets to repay the debt owed to the secured creditor (this may include selling assets or the company’s business)
- pay out the money collected in the order required by law, and
Information sheets
- Insolvency: A glossary of terms (INFO 41)
- Receivership: A guide for creditors (INFO 54)
For more information on Bankruptcy visit the ITSA website and for more information on Receivership Or liquidation visit the ASIC website
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