Insolvency Service welcomes Budget funding to help tackle rogue directors

Chancellor Rachel Reeves announced funding boost for the Insolvency Service

The government will invest £25 million over the next five years to enable the Insolvency Service to disqualify more rogue company directors

The Insolvency Service has welcomed news in the Budget that the agency will receive an extra £25 million over the next five years to help it tackle rogue directors.

The funding announced by the Chancellor today will fund a new Abusive Phoenixism Taskforce which will be staffed by 50 people investigating suspicious company insolvencies.

The service’s Director of Investigation and Enforcement Services, Dave Magrath, said:

This is welcome funding which will help the Insolvency Service tackle rogue directors who abuse the insolvency regime to get out of repaying their debts an