The Insolvency Service says it can drive 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.
“This strategy is about acting earlier, moving faster and working more closely with partners across the system. I am asking directors, insolvency practitioners and our wider stakeholders to join us in creating the conditions for greater confidence, resilience and growth across the UK economy.”
Change is already under way:
- The £90 Debt Relief Order fee has been removed and a new digital connection with debt advisers is reducing application time.
- The Director Information Hub now provides improved practical guidance.
- The Redundancy Payments Service supports first payments within 11 days for around 70,000 people each year.
- Updated practitioner protections, a review of support for smaller businesses and closer intelligence-sharing with Companies House to strengthen the wider system.
Further information
- You can view the Insolvency Service’s new five-year strategy on GOV.UK: Our vision: Moving forward, faster
- Watch Chief Executive Duncan Beach outline the Agency’s vision: YouTube