The Insolvency Regulations 1994

Payments into the Insolvency Services Account

5.—(1) In the case of a winding up by the court, subject to regulation 6 below, the liquidator shall pay all money received by him in the course of carrying out his functions as such without any deduction into the Insolvency Services Account kept by the Secretary of State with the Bank of England to the credit of the company once every 14 days or forthwith if £5,000 or more has been received.

(2) In the case of a voluntary winding up, the liquidator shall, within 14 days of the expiration of the period of 6 months from the date of his appointment and of every period of six months thereafter until he vacates office, pay into the Insolvency Services Account to the credit of the company the balance of funds in his hands or under his control relating to the company, including any unclaimed or undistributed assets or dividends, but excluding such part (if any) as he considers necessary to retain for the immediate purposes of the winding up.

(3) Every payment of money into the Insolvency Services Account under this regulation shall be—

(a) made through the Bank Giro system; or

(b) sent direct to the Bank of England, PO Box 3, Birmingham B2 5EY by cheque drawn in favour of the “Insolvency Services Account” and crossed “A/c payee only” “Bank of England”,

and the liquidator shall on request be given by the Department a receipt for the money so paid.

(4) Every payment of money under paragraphs (1) and (2) above shall be accompanied by a form obtainable from the Department for that purpose or by a form that is substantially similar.

(5) Where in a voluntary winding up a liquidator pays any unclaimed dividend into the Insolvency Services Account, he shall at the same time give notice to the Secretary of State, on a form obtainable from the Department or on one that is substantially similar, of the name and address of the person to whom the dividend is payable and the amount of the dividend.