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Insolvency Service Annual Plan

My Hon Friend the Parliamentary Under-Secretary of State (Minister for Small Business and Economic Transformation) (Blair McDougall MP) has today made the following statement.

The Insolvency Service is the Government agency that delivers public services to those affected by financial distress or failure by providing frameworks to deal with insolvency and the financial misconduct that sometimes accompanies or leads to it.

The Insolvency Service plays a key role underpinning confidence in our financial markets: maximising economic returns to creditors from insolvency situations, supporting those in financial distress, helping them to return to economic activity, and tackling financial wrongdoing through their investigation and enforcement work. Their enforcement role is increasing substantially to meet the Government’s ambitions to tackle economic crime.

This year, the Insolvency Service has reinforced its commitment to supporting businesses and citizens. They are supporting the delivery of the Government’s Priorities in supporting regulatory reform, reducing administrative burdens on businesses, and driving forward economic growth; putting more money in people’s pockets and helping to rebuild Britain. This will ensure that the UK is a key destination for investment; with a regulatory regime that is fit for purpose and achieves value for money for the taxpayer. I have asked them to focus on:

• Pro-active review of the key regulatory requirements which are placed on the insolvency profession, both to reduce burdens and to enable and facilitate use of new and emerging technologies.
• Developing policy proposals to specifically support small and medium sized businesses and ensure proportionate enforcement action that better supports growth.
• Continuous improvement of their service delivery and interface with businesses through investing in and modernising their systems and processes.

The Insolvency Service’s Agency Plan 2026 to 2027 will be published in full on GOV.UK.