More assertive Insolvency Service

[eteb3]

Useful summary here of what seems to be little-noticed changes at the IS (but maybe I've missed something):

From border collie to doberman - inside the Insolvency Service’s expanding mandate

The Insolvency Service (IS) has set out a bold five-year vision to become the UK's lead enforcement body for corporate and insolvency standards in…

www.lexology.com

TL;DR

The takeaway for businesses and directors is clear: the IS intends to become a more active, better resourced and more assertive enforcement body. Whilst some agencies have sought civil or regulatory settlements in relation to criminal conduct, the strategy paper expressly refers to the possibility of criminal sanctions and enforcement.

Directors should expect greater scrutiny of dormant companies, dissolved companies, and opaque ownership structures.

Employment practices and tax compliance will also fall within scope, alongside traditional misconduct and insolvency abuse.

 

[Michael Loveridge]

Useful summary here of what seems to be little-noticed changes at the IS (but maybe I've missed something):

From border collie to doberman - inside the Insolvency Service’s expanding mandate

The Insolvency Service (IS) has set out a bold five-year vision to become the UK's lead enforcement body for corporate and insolvency standards in…

www.lexology.com

TL;DR

Not before time! It's ridiculously easy to use limited companies as vehicles for fraud, and not only is it very profitable but the chances of ever being punished for it are microscopic.