FAQs
How do I obtain an account statement?
How are account identification numbers issued?
When should I pay money into the ISA?
How is money paid into the ISA?
How do I withdraw money from the ISA?
When can I invest money?
If I am unable to reconcile my account what should I do?
When does EAS charge fees?
How do I obtain an account statement?
We will issue a statement when a new estate account is opened and at 6 monthly intervals thereafter. However no 6 monthly account statements will be issued if you are using the ISCIS online Service. If you need additional statements, please contact enquiries who will issue one within 5 days. Please regularly reconcile your records to those of EAS.
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How are account identification numbers issued?
The Estate Accounts computer system uses an Account ID, which you must use when you contact us. It comprises 13 digits followed by B, C or V to identify the insolvency type and a check digit for security. A 5-digit number should be used to identify the account type (e.g. 00/000 for main and 02/000 for suspense/ fixed charge).
In bankruptcy and compulsory liquidation cases, the Official Receiver will issue the Account ID on handing over the case to you. In voluntary liquidation cases we will issue you the Account ID within 3 days of receiving your first deposit into the ISA. ONCE ISSUED IT IS VERY IMPORTANT THAT THE CORRECT ACCOUNT ID IS QUOTED AT ALL TIMES
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When should I pay money into the ISA?
For bankruptcies and compulsory liquidations, you must pay in all money received in carrying out your IP functions, without deductions, once every 14 days, or immediately if you receive £5,000 or more (Regulations 5 & 20 of the Insolvency Regulations 1994 refer). For voluntary cases you may pay money into the ISA where this is convenient.
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How is money paid into the ISA?
Through the bank giro system(BGC), by electronic transfer or sent directly to EAS. All deposits must be accompanied by a bank giro slip, which can be obtained from the Cashiers Section. For credits by electronic transfer, the case ID should be quoted as the credit reference. When depositing money, please make sure that you always quote the case ID. This will avoid delay in processing the transaction. Cheques should be made payable to the “Insolvency Services Account”.
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How do I withdraw money from the ISA?
By completing the requisition form CAU101 (or one which is substantially similar). Please complete form CAU109 (or one which is substantially similar) in cases of dividend cheques to individual creditors. For payments by BACS please complete a CAU105 (or one which is substantially similar). You can obtain these forms from Enquiries. Please ensure that the names of the payee and the amount due are clearly stated. For payments by BACS, please ensure that you quote the sort code, account name and number, bank address and also a fax number for notification of payment. In a case of a joint appointment, please ensure that both IPs sign the requisition form (unless there is an authority to the contrary). We will charge a cheque fee of £1.00 for each cheque issued and a fee of 15p for each payment by BACS. Payments by CHAPS are charged £10.00 per payment
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When can I invest money?
Money held in the ISA on behalf of estates can be invested. The options are: Funds are automatically placed onto an interest-bearing account unless we are directed by the IP not to do so. The rate of interest can be found under Interest On Funds Held in the ISA Investments in government securities.
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If I am unable to reconcile my account what should I do?
If you need help, or if there is anything you do not understand regarding the account please contact Enquiries for assistance on 0121 698 4268.
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When does EAS charge fees?
EAS charges fees on: Receipts into the ISA in bankruptcy and compulsory liquidation cases, including VAT refunds, net interest earned and gains made on investments Handling payments out of the ISA by cheque, Bacs and Chaps Investment purchasesThere is also a quarterly banking fee EAS does not generally charge fees on receipts for third party or secured creditor monies.
See Table of Fees
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