LONDON, June 26 -- The government of the United Kingdom issued the following news:
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The 2025-2026'Confidence in the Regime' report capturesthe views ofsome ofthose mostimpacted byrecentInsolvency Servicekeypolicies.
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These reports are a qualitative response to the organisation's five-year strategy - now in its final year.
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It foundmeaningful improvements have been made to the insolvencyand enforcementregimes.
The Insolvency Service has published its latest 'Confidence in the Regime' report, whichlooks at how the actions and policies of the Insolvency Service have been received bystakeholders across the insolvencycommunity.
Thelatestreportwascommissioned to gauge the success oftheorganisation's five-year strategy, now in its final year.
The research sought the views of insolvency practitioners, people in debt, creditors, directors, academics, legal professionals.
The findingswill beused by the Insolvency Service to help shape how the regime will work in the future and further improve confidence in the system.
What we found
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Confidence has increased, particularly in the insolvency regime.
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Reforms to Debt Relief Orders (DROs) and Individual Voluntary Arrangements (IVAs) were strongly supported.
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DRO reforms widened access and removed barriers preventing customers entering the DRO at theoptimumtime.
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Changes around IVAs provided consumers with better information and providedpositivestepstowards a fairer system.
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Proposals to strengthen insolvency practitioner regulation were also welcomed.
Overall, confidence in the insolvencysystemhas improved due to clearer information, better solutions, and more efficient processes. Remaining concerns include high bankruptcy costs and inconsistencies in corporate practices.
Duncan Beach, Chief Executive of theInsolvency Servicesaid:
This report clearly shows the Insolvency Service and our partners across the sector are making meaningful improvements to the insolvency system.
Just asimportantly,thisis evidence that these reformsand regulationsare having a positive impact onthose who find themselveswith challenging debt.
I am confident thatan ever-improving insolvency system - one which is fairerand is flexible to the unpredictable financial world we live in- can alsobenefitthe economy.
We know there's a long way to go, and this report willcontribute to ournewstrategy - which we'll publish later this year -aiming to further inspire confidence in the insolvency system andbe at the forefront ofchange that helps the public and practitioners alike.
My thanks to all those who took part - thesethorough, independent, qualitative reports provide suchvaluable informationto us.
Background to 'Confidence in the Regime' reports
In September 2021, The Insolvency Service published its five-year (2021-26) strategic plan setting out the future direction of the Agency.
The Insolvency Service's vision is for it to be at the centre of a fair, efficient and effective insolvency system that is a global leader in insolvency solutions for citizens and for businesses, underpinned and supported by a profession that is recognised for the highest professional, technical and ethical standards when carrying out its work.
Key to understanding whether this vision is realised is the extent to which stakeholders have confidence in both the insolvency and enforcement regimes.
TheInsolvency Service commissioned IFF Research to undertake qualitative research to provide a baseline on stakeholder's confidence in the insolvency and enforcement regimes.
Further information report
Confidence in the regime 2026 - GOV.UK
Disclaimer: Curated by HT Syndication.
