New powers for Insolvency Service
06/01/2022

The Insolvency Service is a government agency that provides services to those affected by financial distress or failure. The Insolvency Service operates as an executive agency of the Department of Business, Energy and Industrial Strategy (BEIS). 

The Insolvency Service has been granted new powers to investigate and disqualify company directors who abuse the company dissolution process. This extends investigatory powers to directors of dissolved companies and if misconduct is found, directors can face sanctions including being disqualified as a company director for up to 15 years or, in the most serious of cases, prosecution. The measures have been introduced under a new Act that received Royal Assent on 15 December 2021.

The Act will also mean the Business Secretary is able to apply to the court for an order to require a former director of a dissolved company, who has been disqualified, to pay compensation to creditors who have lost out due to their fraudulent behaviour.



                                                                                                                                                                                                                           

                                            

Kent Office

42A High Street
Broadstairs
Kent
CT10 1JT

Tel: 01843 861188
info@kempsaccounting.co.uk

Hamble Office

9 Kingfisher Close,
Hamble,
Southampton,
S031 4PE
07887 578 298
info@kempsso.co.uk

London Office (By Appointment Only)

Kemp House
124 City Road
London
EC1V 2NX
07887 578 298
info@kempsaccounting.co.uk

Follow Us

Follow us on    INed1

Kent Office     

Hamble Office