The Insolvency Service: 21st July 2015

 The Minister for Small Business, Industry and Enterprise (Anna Soubry)
I have set performance targets for the Insolvency Service for the financial year 2015-16.

The targets reflect a rise in stakeholder confidence in the agency’s enforcement action and in its timeliness in reporting to creditors, but also the challenges that it continues to face.

The Insolvency Service has reduced its costs significantly to reflect a continuing reduction in demand for its official receiver services, which handled fewer than 23,000 cases in 2014-15 compared to 27,000 in 2013-14. The number of redundancy claims has also fallen, with 62,000 claims in 2014-15 compared to 75,000 in 2013-14. The numbers of official receiver cases and redundancy claims are expected to fall still further in 2015-16.

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