Earlier action, faster recovery, tougher on fraud: Insolvency Service launches strategy to strengthen confidence and growth

Helping those with personal or business problems seek help before things get worse for them. 

Providing faster routes through the insolvency process, with money and assets returned sooner. 

Improved action against abusive businesses practices – including abusive high street and phoenix companies.

The Insolvency Service says it can drive even greater impact by helping people and businesses spot problems and find the right support earlier, and resolve it faster, before their situation escalates.  

The agency’s new, five-year strategy outlines a marked change in how it will work in future, making sure it spots risk sooner, guides people with financial or business problems towards the right options for help, and makes the whole system easier to navigate. 

Better intelligence and closer working with Companies House and HMRC will also help to identify deliberate misconduct by directors sooner – including those abusing the rules around phoenix companies – focusing on those that cause the most harm, returning assets to creditors, and money to the economy.  

There will also be a renewed focus on improving the insolvency system, working with the sector to make it easier for them to do their job while maintaining high standards.

Duncan Beach, Chief Executive Officer for the Insolvency Service said:

Understandably, we are often seen as the organisation that steps in when things have already gone wrong. But by helping people and businesses make informed choices sooner and returning money and assets to productive use more quickly, we can make a greater contribution to economic confidence and growth. 

At the same time, we will continue to take firm action against those who abuse the system for personal gain – not least those behind abusive high street and phoenix companies. We will target the individuals and companies causing the greatest harm, protecting legitimate businesses and strengthening trust in the economy.