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Insolvency Service on target in 2013/14 18 July 2014

The Insolvency Service has announced it has met all of its published targets in its 2013/2014 annual report, published yesterday (17 June).

The Service met all its external targets, including increasing stakeholder confidence to 69% (against a target of 66%).

Dr Richard Judge, chief executive of the Insolvency Service said: “Britain’s insolvency regime is consistently ranked in the World Bank’s top 10 giving confidence to investors that this is a good place to do business.

“In the past year the Insolvency Service has met and exceeded all of our published targets. We achieved over 1,200 director disqualifications with each having a net benefit to the economy of £100,000.

“Redundancy payments were processed ahead of target helping people to move on in what is usually a difficult time. Initiatives such as the launch of a new single Complaints Gateway and £30m of annual process savings identified through the Red Tape Challenge demonstrate the value of working closely with our partners to build a more efficient and robust insolvency regime.”

The Insolvency Service also detailed results such as: achieving 1,273 director disqualifications, with a six year average length of disqualification undertakings and orders; winding up 168 companies in the public interest following investigations by the agency; processing 75,387 redundancy claims; and achieving a 95.6% customer satisfaction rating.

Judge added: “Our successes have been achieved in a rapidly changing business environment which has seen total insolvencies fall by 25 per cent over the past four years with a consequent fall in fee revenue for the agency.

“Our programme to deliver a more efficient and customer focused agency is well advanced with significant progress to digitise redundancy payments, a rationalised office network and investment to upskill our people.”

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