Does the Minister support stronger penalties for insolvency misconduct; if yes, how?

Answer

I have work underway to address issues of insolvency misconduct. This includes progressing amendments to the Companies Act 1993 to introduce unique director identification numbers, which will make it easier to identify repeat offending, deter phoenixing, and support more effective enforcement against directors who breach the law. In addition, the Government has commissioned the Law Commission to review directors’ duties and related liability settings, including those that apply in situations of insolvency. This review may result in further changes to the law.