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.


About Us

Established in 1991 based in Epsom Surrey, CWM use technology to its fullest extent enabling us to work with clients based anywhere, with maximum efficiency resulting in lower costs.

Accreditation

 icaew logo 

   

    

sage1   xero transparent

Contact Us

1a High Street
Epsom
Surrey
KT19 8DA
Phone: 01372 727333
Email: info@cwmaccountants.com

Newsfeed Search


Newsletter Sign Up

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login