The Business, Innovation and Skills Committee has confirmed it will run the rule over the regulatory body at an inquiry in Westminster early in 2012.
Staff and budget cuts and their effects on the organisation will be explored, as well as the possible creation of an insolvency ombudsman.
The contentious topic of pre-pack administrations, including the issues surrounding their transparency and links to ‘phoenix’ companies will also be explored.
Among the other areas set to be covered are the potential regulation and sanction of licensed IPs.
Commenting on the inquiry, a spokesperson for the IS said: "The inquiry gives the IS a welcome opportunity to showcase the excellent work that we do for our customers and stakeholders right across the country, to explain our current challenges and opportunities and to set out ministers' thinking on the development of insolvency policy and law."
The committee has asked for all written evidence to be submitted by December 30.
A spokesperson for the committee explained a date for the enquiry to take place will be confirmed in the New Year.
The announcement comes after the IS was recently forced to refute reports it was struggling to keep abreast of director misconduct due to its April redundancy programme.
The committee also held an inquiry into fee-charging debt management companies last month which focussed on the problem of firms masquerading as charities.
By Andy Pearce