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What happens if my organisation becomes insolvent?

If your organisation is proven by law as unable to pay off its debts it would be considered insolvent. You’d need to let us know when this happens through your NEST online account, you can also call our contact centre to notify us. Before you do this, it’s important that you clarify which type of insolvency you’re going into; terminal or non-terminal.

Terminal Insolvency 

This occurs when an organisation is insolvent as it is unable to pay its debts and has a court or winding up order, for example by the way of insolvency or liquidation. Organisation has to appoint an Insolvency Practitioner (IP) or an Official Receiver (OR) to carry on the insolvency process.

Non–Terminal Insolvency

Insolvency occurs where the employer is subject to insolvency proceedings, however with no intent to liquidate the assets. As an example, this would happen where a company is sold to a buyer. This way a company may be able to recover some or all of its debts using the National Insurance Fund (NIF). This process is very different to terminal insolvency, as you’ll still be able to carry out normal activities within your account such as submitting a contribution schedules. At this stage this can be done by an Insolvency Practitioner (IP) or an Official Receiver (OR).

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