Bankruptcy

===United Kingdom===
{{Main|UK insolvency law|Liquidation|Administration (insolvency)}}
[[Bankruptcy in the United Kingdom]] (in a strict legal sense) relates only to individuals (including [[Sole Trader Insolvency|sole proprietors]]) and [[partnership]]s. Companies and other [[corporation]]s enter into differently named legal insolvency procedures: [[liquidation]] and [[administration (law)|administration]] ([[administration order]] and [[administrative receivership]]). However, the term 'bankruptcy' is often used when referring to companies in the media and in general conversation. Bankruptcy in Scotland is referred to as [[sequestration (law)|sequestration]]. To apply for bankruptcy in Scotland, an individual must have more than £1,500 of debt.

A [[trustee in bankruptcy]] must be either an [[Official Receiver]] (a civil servant) or a licensed [[insolvency practitioner]]. Current law in England and Wales derives in large part from the [[Insolvency Act 1986]]. Following the introduction of the [[Enterprise Act 2002]], a UK bankruptcy now normally lasts no longer than 12 months, and may be less if the Official Receiver files in court a certificate that investigations are complete. It was expected that the UK Government's liberalisation of the UK bankruptcy regime would increase the number of bankruptcy cases; initially, cases increased, as the Insolvency Service statistics appear to bear out. Since 2009, the introduction of the [[Debt Relief Order]] has resulted in a dramatic fall in bankruptcies, the latest estimates for year 2014/15 being significantly less than 30,000 cases.
 
{| class=wikitable
|+ UK Bankruptcy statistics
|-
!Year  !!Bankruptcies    !!IVAs   !!Total
|-
|2004 ||35,989 ||10,752 ||46,741
|-
|2005 ||47,291 ||20,293 ||67,584
|-
|2006 ||62,956 ||44,332 ||107,288
|-
|2007 ||64,480 ||42,165 ||106,645
|-
|2008 ||67,428 ||39,116 ||106,544
|}

;Pensions:
The UK bankruptcy law was changed in May 2000, effective May 29, 2000.<ref name="gov.uk">{{cite web|url=https://www.gov.uk/government/publications/guide-to-bankruptcy/guide-to-bankruptcy|title=Guide to Bankruptcy|website=GOV.UK|access-date=7 May 2018|url-status=live|archive-url=https://web.archive.org/web/20180217083152/https://www.gov.uk/government/publications/guide-to-bankruptcy/guide-to-bankruptcy|archive-date=17 February 2018}}</ref> Debtors may now retain occupational [[pension]]s while in bankruptcy, except in rare cases.<ref name="gov.uk"/>

;Proposed reform:
The Government have updated legislation (2016) to streamline the application process for UK bankruptcy. UK residents now need to apply online for bankruptcy - there is an upfront fee of £680. The process for residents of Northern Ireland differs - applicants must follow the older process of applying through the courts.<ref name="gov.uk"/>