Fear of failure and insolvency can be a major inhibitor of entrepreneurship. Insolvency law offers alternatives to companies and individuals in financial difficulties, not all of which necessarily lead to the closure of the business. Insolvency proceedings are a last resort. The Insolvency Service became an executive agency of the Department of Trade and Industry (DTI) in March 1990. The Official Receiver, a civil servant and an officer of the court, has existed since 1883. The main tasks of the Service are: to provide an…

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