(5 years, 1 month ago)
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The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Kelly Tolhurst)
I have set performance targets for the Insolvency Service for the financial year 2019-20. The Insolvency Service is the Government agency that provides public services to those affected by financial distress or failure. Ministerial Target 2018-19 target 2018-19 performance 2019-20 target Delivering economic confidence Per cent of users[1] who are satisfied with the Insolvency Service 85% or greater 84% 85% or greater Supporting those in financial distress Average calendar days taken to action a redundancy claim 14 days or fewer 12.2 days 14 days or fewer Tackling financial wrongdoing Average time taken to obtain a disqualification 21 months or fewer 19.9 months 20 months or fewer Average time taken to obtain a bankruptcy restriction 10 months or fewer 8.6 months 10 months or fewer Average time taken to instigate a criminal prosecution 24 months or fewer 25.9 months 24 months or fewer Maximising returns to creditors Per cent of reports to creditors issued within 15 calendar days of an attended interview [2] 90% or greater 92.6% 91% or greater Total value distributed to creditors [3] £55m or greater £61.3m £60m or greater Financial management Expenditure to be managed within budget Achieve Achieved Achieve
The Insolvency Service provides the frameworks that deal with insolvency and the financial misconduct that sometimes accompanies or leads to it. Its aim is to deliver economic confidence through a corporate and personal insolvency regime which is regarded as fair and that gives investors and lenders confidence to take the commercial risks necessary to support economic growth.
In 2019-20, an important priority for the Insolvency Service will be to maintain its current high level of customer service whilst delivering a major change programme. I have set measures and targets at a level which reflect the challenges that the agency continues to face.
[1] a) Debt relief order debtors; b) approved intermediaries; c) bankrupts; d) directors of insolvent companies; e) redundancy payment claimants; f) institutional creditors; g) non-institutional creditors; h) insolvency practitioners.
[2] Or where a decision is made that no interview is required or the agreed point of non-surrender.
[3] Excludes distributions relating to Carillion.
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