New Five-Year Strategy For The Insolvency Service To Support Businesses And deliver Economic Confidence.
The Insolvency Service five-year strategy sets out how it will develop its services over the next 5 years to strengthen the UK’s insolvency regime and contribute to the UK being a suitable appealing place in the world to start and grow a business.
What Is The Insolvency Service Five-Year Strategy?
Dean Beale, Chief Executive of the Insolvency Service, said:
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The Insolvency Service has an important role to play in supporting a growing economy by tackling financial wrongdoing, supporting those in financial difficulty and ensuring the insolvency regime delivers the best outcomes possible for those impacted by financial failure.
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It is important that we continue to evolve, innovate and keep pace with the changing economic landscape. Underpinning everything we do is our commitment to delivering excellent standards of service to the thousands of businesses and citizens we work with each year.
The seven strategic themes set out in the strategy set out how it will:
Strengthen
- system regulation and improve the insolvency framework
- reputation and impact from investigation and enforcement activities
Sharpen
- operating focus in Official Receiver Services
- financial model to ensure provision of fully funded, cost effective services
Shape
- modernising technology and infrastructure
- the agency as a great place to work
- a new approach, through education and guidance, to support directors to help prevent insolvency and to learn from the experience of a business failure
The Insolvency Service played a key role in the Government’s response to the COVID-19 pandemic, including the introduction of temporary and permanent measures to support businesses in the Corporate Insolvency and Governance Act (2020), most recently with targeted measures to support commercial tenants and small businesses.
The Insolvency Service is a key delivery partner for the Breathing Space scheme (otherwise known as the Debt Respite Scheme), which gives those facing financial difficulties breathing space to receive debt advice or mental health crisis treatment, without pressure from creditors or mounting debt.
Are you a creditor looking to recover your money?
If you are a creditor of an insolvent company or a bankruptcy, Oliver Elliot can help you address your claim and concerns arising from the insolvency.
What Next?
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Disclaimer: Insolvency Service Five-Year Strategy
This page: Insolvency Service Five-Year Strategy is not legal advice and should not be relied upon as such. This article Insolvency Service Five-Year Strategy is provided for information purposes only. You can contact us on the specific facts of your case to obtain relevant advice via a Free Initial Consultation.
This page contains public sector information licensed under the Open Government Licence v3.0.
