The Insolvency Service published a five-year strategy on 29 September 2026 aimed at helping people and businesses seek support earlier and move through insolvency faster, so money and assets can return to the economy sooner. The plan also pledges stronger action against abusive high street and phoenix companies, with better intelligence and closer work with Companies House and HMRC to identify deliberate director misconduct.

Under the plan, the agency said that by 2028 a taskforce of 50 people would use improved data to detect high-risk phoenixism cases sooner, intervene before more money is lost and recover assets where wrongdoing is proved. Abusive phoenixism is described as directors leaving debts in one company and continuing the same business through another. The strategy also outlines quicker debt relief and redundancy payments and continued work with insolvency practitioners to reduce avoidable burdens while maintaining standards.

The service said changes were already under way, including removal of the £90 Debt Relief Order fee and a new digital connection with debt advisers. It said its Redundancy Payments Service supports first payments within 11 days for around 70,000 people each year. Chief Executive Duncan Beach said the strategy was about acting earlier, moving faster and working more closely with partners.