The Insolvency Service has warned that fraudsters have been contacting investors in insolvent schemes claiming to be from the Official Receiver’s office or to have been appointed by the Official Receiver to help recover funds for a fee. These contacts are fraudulent.

The Insolvency Service provides services to those affected by financial distress or failure. Insolvency occurs when individuals or businesses do not have enough assets to cover their debts or are unable to pay their debts when they become due. It is important to note that Official Receivers or any agent legitimately instructed to act on their behalf will never ask you to pay a fee to get some or all of your investment back.

The Official Receiver can only make a return to you as a creditor in failed schemes if it is possible to identify and sell any remaining assets owned by the liquidated company you bought your investment from. Often a repayment, if any is due, can take several years to organise.

Paying a fee will not make you a priority creditor and will not result in you being paid faster nor increase your chances of getting any money back. Please don’t be taken in by this type of scam.