New Insolvency Service five-year strategy launched

The strategy sets out how the Insolvency Service will develop its services over the next 5 years to strengthen the UK’s insolvency regime and contribute to the UK being the best place in the world to start and grow a business.

Dean Beale, Chief Executive of the Insolvency Service, said:

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.

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 we will:

Strengthen

our system regulation and improve the insolvency framework

our reputation and impact from our investigation and enforcement activities

Sharpen

our operating focus in Official Receiver Services

our financial model to ensure we are able to provide fully funded, cost effective services

Shape

how we work by modernising our 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

Work has already begun on delivering key elements within the strategy. 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, which gives those facing financial difficulties breathing space to receive debt advice or mental health crisis treatment, without pressure from creditors or mounting debt.

Our 2021/22 Annual Plan sets out further detail on how we will progress our strategic goals in this financial year.