What is the Insolvency Service Five-Year Strategy?

In September 2021, the UK Government announced a brand new five-year strategy which will help to shape the manner in which insolvency procedures are utilised in the future. This aims to develop better support for businesses and customers, paving the way for a much stronger economy.

Over the course of five-years, this brand new initiative will develop insolvency services to ensure this country can become the epicentre around the entire world for business growth. There will be seven strategic themes brought into play, all of which aim to strengthen, sharpen and shape the insolvency industry from top-to-bottom.

One of the key objectives will be how improvements can be made to the current system regulation, and how this can be altered to create a more sustainable insolvency framework. Both the impact and reputation from investigation and enforcement activities will also be solidified.

The Official Receiver Service will move towards a financial model that ensures the provision of a fully funded, cost effective service. There will be a complete overhaul of the existing infrastructure, where any opportunities to modernise the current approach will be done so.

In addition, new measures will provide further education and guidance to directors. With a greater depth of knowledge at the disposal of directors, they will find themselves in a much stronger position to avoid insolvency measures altogether. The education and guidance will centre mainly around how people can learn from mistakes made by previous business failures, helping them identify problems before they start to escalate out of control.

As we speak, the scheme is already being put into place, where a number of key elements are starting to really take shape. It goes without saying that the insolvency industry has been in demand during the Pandemic, and due to the economic turmoil this inflicted over the entire country, the Government did introduce supportive measures such as the Corporate Insolvency and Governance Act 2020.

Are you struggling financially as a result of the Pandemic? Don’t worry! Early and decisive action is always the best move! Start by contacting one of our fully licensed insolvency practitioners, who can listen to your case and decide upon the best course of action.

We will listen to your concerns, understand your specific circumstances and tailor our advice in order to assist you and your company.

Get in direct contact with our team today for impartial advice.