Asked by: Steve Yemm (Labour - Mansfield)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps he is taking to prevent phoenixing.
Answered by Justin Madders - Parliamentary Under-Secretary (Department for Transport)
The Insolvency Service is tackling abusive phoenixism, working in close partnership with HMRC and Companies House to combat these wrongful activities. A coordinated action plan has been agreed, and an implementation plan is underway. Key measures include, closing loopholes in company registration and dissolution processes; increasing our compliance impact through targeted enforcement; and improving the quantity and quality of referrals for enforcement action in order to maximise enforcement outcomes, including director disqualifications and prosecutions.