Joint introduction from the Chair and Chief Executive

We are pleased to introduce the Insolvency Service’s Annual Plan for 2024 to 2025, setting the Agency’s priorities for the year ahead.

The plan focuses on how we will support businesses and citizens, delivering against the Government’s priorities to help grow the economy and ensure that the UK is a safe place to invest; with a regulatory regime that is fit for purpose and achieves value for money to the taxpayer.

Our plan sits against the backdrop of the recent Economic Crime and Corporate Transparency Act 2023, which introduces new powers to police the corporate landscape, and, crucially for the Agency, a new way to fund our corporate investigation work. The new…

We are pleased to introduce the Insolvency Service’s Annual Plan for 2025 to 2026, setting the Agency’s priorities for the year ahead.

Our plan focuses on how we will support businesses and citizens, delivering against the Government’s number one mission to kickstart economic growth, deliver economic stability and improve prosperity in the UK; with a regulatory regime that is fit for purpose and achieves value for money to the taxpayer.

We have developed this plan during a time of considerable change both nationally and within the Agency. The new Government has set out its plan for change and, as we enter our final year of our five-year strategy, we have made good progress on developing our new long-term plans to be launched in…

A South African High Court has provisionally liquidated venture firm 54 Collective following allegations from the Mastercard Foundation of serious financial misconduct and “blatant disregard for the law,” involving a $106.5 million charitable grant, court documents obtained by Condia have shown. The foundation had disbursed over $42 million to the firm, originally registered as Africa Founders Ventures NPC (AFV), across 2023 and 2024. 

The provisional liquidation order implies that an independent party will now take over the company’s affairs while the court decides if it should be permanently shut down. The court also froze more than a dozen accounts held at Nedbank, Standard Bank, and Investec, citing concerns over improper fund…

The Appellate Tribunal held that allowing such late-stage claims, especially after the resolution plan has already been implemented, would not only derail the Corporate Insolvency Resolution Process (CIRP) but also undermine the objectives of the IBC framework.

The Corporate Debtor, Radiant Castings Private Limited, a manufacturing company undergoing insolvency proceedings, had its resolution plan approved by the Committee of Creditors (CoC) in May 2023, with over 70% voting in favour. The National Company Law Tribunal…

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Facebook App: Open links in External Browser

There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser.

This can be done through the following steps:

1. Open the settings menu by clicking the hamburger menu in the top right

2. Choose “App Settings” from the menu

3. Turn on the option “Links Open Externally” (This will use…

Performance Report

Chief Executive’s Foreword

Our customers are at the heart of everything we do

As the Interim Chief Executive of the Insolvency Service, I am proud to present our Annual Report and Accounts for the year 2024-25. Our agency supports businesses and citizens, aligning our efforts with the UK Government’s mission to kickstart economic growth, deliver economic stability, and improve prosperity in the UK. This year’s Annual Report highlights our dedication to enhancing the customer experience, demonstrating how our initiatives are designed to benefit those we serve while maintaining our commitment to excellence.

Over the past year, we have made significant strides in improving our services and delivering value to…

ASIC will launch a review into the debt management and credit repair sector, as part of its continued focus on protecting consumers, particularly those experiencing financial hardship.

ASIC Commissioner Alan Kirkland said: ‘We are concerned some licensees may be failing to engage in credit activities efficiently, honestly and fairly, leaving financially vulnerable consumers worse-off as a result.

ASIC’s surveillance will review how the sector, comprised of around 100 licensees, complies with the law. It will seek to understand the varying debt management and credit repair business models in operation.

ASIC will review instances where debt management firms may have failed consumers by not meeting the terms of their debt management…

The National Company Law Tribunal (NCLT), Chandigarh Bench of Justice Harnam Singh Thakur, (Judicial Member) and Sh. Shishir Agarwal (Technical Member) has held that the claim of an allottee cannot be rejected solely on the ground of being a speculative investor. An allottee does not cease to be a financial creditor merely because they qualify as a speculative investor.