Insolvency Service launches 5-year Investigation and Enforcement Strategy
The Insolvency Service has launched an ambitious and transformational strategy to play a more prominent role in the fight against economic crime
Applies to England, Scotland and Wales
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The Insolvency Service has launched an ambitious and transformational strategy to play a more prominent role in the fight against economic crime and be recognised as the UK’s leading authority in enforcing corporate and insolvency standards. The strategy commits the agency to broadening its remit, taking robust action against criminals who defraud businesses and taxpayers, and using artificial intelligence and advanced analytics to combat sophisticated financial wrongdoing. The enforcement strategy has three core objectives:
- Enforcement of the UK’s insolvency framework
- Enforcement of the Companies Act 1985 and associated legislation
- Tackling economic crime facilitated through companies
The Economic Crime and Corporate Transparency Act 2023 and its subsequent regulations created more than 100 new offences under the Companies Act and has provided funding for the Insolvency Service to play a more prominent role in corporate enforcement.
This will be supported by proactive intelligence gathering to keep pace with those who abuse the insolvency framework, manipulate victims, and take advantage of the corporate landscape.
The strategy will also see the Insolvency Service deepen its partnership with other agencies including the National Crime Agency and HMRC as well as working even more closely with Companies House to enforce corporate standards.