Protecting Insolvency Practitioners and Increasing Realisations
In the UK, personal data must be processed in accordance with the provisions of the Data Protection Act 1998 (DPA) and the Privacy and Electronic Communications (EC Directive) Regulations 2003 (E-Privacy Regulations).
When a business falls into administration, the Insolvency Practitioner becomes the 'Data Controller' for that business and as such may be held responsible for the security and maintenance of the databases held by the business and its agents from the date of appointment.
The Information Commissioner, the UK body responsible for policing the Act and Directive, regards the 'owners' of the business as the responsible entity against whom criminal charges can be brought and fines of up to £500,000 can be levied. In the case of a business failure, this responsibility will become that of the Insolvency Practitioner.
MIG can provide a trusted and ICO-approved process which protects the Insolvency Practitioner's position and helps improve the value of the data to reputable third parties.
Click here to find out more
When a business falls into administration, the Insolvency Practitioner becomes the 'Data Controller' for that business and as such may be held responsible for the security and maintenance of the databases held by the business and its agents from the date of appointment.
The Information Commissioner, the UK body responsible for policing the Act and Directive, regards the 'owners' of the business as the responsible entity against whom criminal charges can be brought and fines of up to £500,000 can be levied. In the case of a business failure, this responsibility will become that of the Insolvency Practitioner.
MIG can provide a trusted and ICO-approved process which protects the Insolvency Practitioner's position and helps improve the value of the data to reputable third parties.
Click here to find out more