The Insolvency Service

The Insolvency Service

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The Business, Innovation and Skills Committee has today published a report containing a number of conclusions and recommendations resulting from its inquiry into the Insolvency Service, including: (i) without an increase in resources the investigations unit will be unable to increase the number of cases it can prosecute which will further undermine stakeholder confidence; (ii) there is a risk that further reductions in annual running costs and staff may put undue pressure on the Insolvency Service to deliver; (iii) it is clear from the evidence that the fee-generated income model for the Official Receiver Service is unreliable in the current economic climate (iv) issues remain with pre-pack administration, which need to be addressed; (v) given the level of debt relief they can receive, it would not be unreasonable to increase the Ap525 upfront fee that individual debtor bankrupts have to pay. The Committee welcomes the news that the regulators and the insolvency industry have been working together to create common regulatory standards across the profession. The creation of a single gateway for complaints, common standards and a common appeals process would be an important step in this regard. The Service should be required to publish an annual report that charts progress in this area.Q150 Julie Elliott: We have heard that you are planning to introduce another new IT project called WISDOM, which will mean that manual bankruptcy case files across the Service will become purely electronic files. How much will the system anbsp;...

Title:The Insolvency Service
Author:Great Britain: Parliament: House of Commons: Business, Innovation and Skills Committee
Publisher:The Stationery Office - 2013-02-06


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