In light of and to gear up for the upcoming Bounce Back Loan Enforcement and Recovery action under the new legislation, the Insolvency Service have stated the following:
The Insolvency Service helps deal with problems arising from personal and business debt that affect people’s lives and the wider economy.
We serve as both safety net and gatekeeper, helping individuals and viable businesses recover from financial difficulties while preventing exploitation of the system.
We maintain economic confidence through three interconnected roles: supporting individuals in financial distress, tackling financial wrongdoing, and maximising returns to creditors.
We help people facing insurmountable debt find orderly solutions and fresh starts, with services like Debt Relief Orders and Breathing Space schemes, while ensuring employees receive redundancy payments swiftly when businesses fail.
We uphold market integrity by investigating misconduct, disqualifying unfit directors, and expanding our remit under new legislation to combat broader economic crime.
Simultaneously, we recover and redistribute funds to creditors, securing value from insolvency proceedings and holding directors financially accountable, thereby reinforcing trust in the financial system.
This strategy will play an important role in the delivery of our new Investigation and Enforcement Strategy and the forthcoming agency strategy which will be launched in 2026.
If you need a chat or have any worries my BBL helpline is open as always today from 4am to 4pm
