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 them 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…