This site explains how EAD is organised and sets out the level of service we are committed to provide.  It deals with most of the things you need to know about EAD and should help you make full use of our services. 

WHAT IS EAD?

EAD provides a banking and investment service to Insolvency Practitioners (IPs) and Official Receivers (ORs) using the Insolvency Services Account. EAD is part of the Banking Directorate of The Insolvency Service. 

THE AIMS OF EAD

• To provide a high quality banking and investment service to users of the

• Insolvency Services Account.   

• To maintain accurate and up-to-date financial and case records.

• To achieve the objectives, standards and targets set. 

SERVICE TARGETS

The main service targets for our customers are:

• to process cheque payment requests within 4 days of receipt

• to process BACS payment requests within 2 days of receipt

• to post receipts to the correct account on the day of receipt

• to notify IPs of the purchase and sale of Government securities on the

• second day after purchase or redemption

• to send account statements within 5 days of receiving the request and

• twice- yearly statements for all cases within 5 days of the statement 

• date to those IPs who do not use BANCS Online.

WHERE IS EAD?

Address       The Insolvency Service

Estate Accounts Directorate    

PO Box 3690

Birmingham B2 4UY

Contact

Estate Accounts Directorate Enquiries: 0121 698 4266/4268/4269

e-mail: EAD.Enquiries@insolvency.gsi.gov.uk

Payments: 0121 698 4253/4284/4285

e-mail: EAD.Payments@insolvency.gsi.gov.uk

Cashiers: 0121 698 4181/4257/4220

e-mail: EAD.Cashiers@insolvency.gsi.gov.uk

Online Support: 0121 698 4274/4354

e-mail: EAD.OnLineSupport@insolvency.gsi.gov.uk

Fax: 0121 698 4403/4404

HOW IS EAD ORGANISED?

Head of Unit - Graham Stewart

The unit is divided into three main sections.  Those providing services to IPs are:

1.   Payments

The main duties are:

• crediting receipts to estate accounts

• processing incoming payment requisitions

• dealing with unclaimed dividends

• reissuing expired cheques.

2.   Enquiries

The main duties are:

• dealing with customer enquiries

• cancel cheque requests

• reconciling estate accounts

• processing final receipts & payments accounts.

3.   Cashiers and Data Support

The main duties are:

• liaison with the Office of the Paymaster General and the Bank of England

• despatching cheques

• issuing bank giro credit books

• interest bearing instructions

• cancel/reissue in-date cheques

• actioning investment instructions from IPs.

• creating and supporting IPs on the Online BANCS system

• data integrity of the current financial system

• supporting the EAD staff with Software, Hardware and Data issues.

ACCOUNT IDENTIFIER (ID)

The EAD computer system uses an Account ID, which you must use when you contact us.  It comprises of 13 digits followed by B, C or V to identify the insolvency type and a check digit for security.

Please use a 5-digit number to identify the account type (e.g. 00/000 for main and 02/000 for suspense/ fixed charge).

HOW IS IT ISSUED?

In bankruptcy and compulsory liquidation cases, the OR will issue the Account ID when 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 Insolvency Services Account.

PLEASE QUOTE THE CORRECT ACCOUNT ID AT ALL TIMES.

If you have a query on the ID, please contact EAD Enquiries.

REMITTANCES AND WITHDRAWALS

When should I pay money into the ISA?

For bankruptcies and compulsory liquidations, you must pay in all money you receive while 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.

How should I pay money into the ISA?

Through the bank giro system, by electronic transfer to the Office of the Paymaster General or directly to EAD.  Deposits must be accompanied by a bank giro slip, obtained from the cashiers section.  For credits by electronic transfer, please quote the Account ID as the credit reference.

When depositing money, please always quote the Account ID. This will prevent delay. Cheques should be made payable to the “Insolvency Services Account”.

For details of OPG Sort Code and Accounts numbers to be used for paying monies into the ISA please click on this link

How do I withdraw money from the ISA?

By completing the requisition form CAU101 (or one substantially similar).  Please complete form CAU109 (or one substantially similar) for dividend cheques to individual creditors.  For payments by electronic transfer, please complete a CAU105 (or one substantially similar).

You can obtain these forms from EAD Enquiries.

Please ensure that you clearly state the name of the payee and the amount due.  For payments by electronic transfer, please always quote sort code, account name and number, and 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 80p for each cheque issued and a fee of 15p for each payment by electronic transfer.

RECONCILIATION OF BALANCES

How do I get 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 BANCS Online Service. If you need additional statements, please contact EAD Enquiries who will issue one within 5 days. Please regularly reconcile your records to those of EAD.

If I cannot reconcile my account, what should I do?

If you need assistance, or there is anything you do not understand about the account, please contact EAD Enquiries.

USER GROUP

EAD has an active user group that is representative of IPs, cashiers, managers and RPB monitors.

INVESTING FUNDS

You can invest funds from company liquidations and bankruptcy cases.  The options are:

• we automatically invest funds in an interest-bearing account, unless you direct us not to do this. The rate of interest can be found under Interest On Funds Held in the ISA

• investments in Government securities.

How do I invest money?

To purchase Government securities, please contact Cashiers/Treasury.

A fee is charged for buying investments of £50.

WHEN DOES EAD CHARGE FEES?

EAD charges fees on:

• receipts into the ISA on bankruptcy and compulsory liquidation cases including VAT refunds, net interest earned and gains on investments

• handling cheque and electronic transfer payments out of the ISA

• there is also a quarterly banking fee

• investment purchases

Generally fees are not chargeable on receipts comprising third party or secured creditor money.

See Table of Fees

COMPLAINTS PROCEDURE

If you have a complaint about EAD, please write to Graham Stewart the Head of Unit.  Alternatively you can telephone EAD Enquiries on 0121 698 4268, although you may be asked to set out details of the complaint in writing.  We will give you a full reply within 10 working days of receipt.  If this is not possible, we will issue an acknowledgement within 5 working days explaining why and stating when you can expect to receive a full reply. The target is to respond to 90% of complaints in 10 days and the remaining 10% in 20 days.

If you are dissatisfied with the response from EAD, you should write to Jim Curtois the Director of Banking at the above address.  If your complaint is still unresolved, you should write to the Inspector General and Chief Executive of The Insolvency Service at 21 Bloomsbury Street, London WC1B 3QW.

This is in accordance with The Insolvency Service’s complaints procedure.