Insolvency Service (Hansard, 22 March 1990)

§ Mr. Ridley

I established the Insolvency Service as an executive agency on 21 March.

I expect the Insolvency Service, as an executive agency, to continue to bring proceedings for the disqualification of directors of failed companies in appropriate cases, to submit prosecution reports where there is evidence of criminal behaviour and to administer bankruptcies and compulsory liquidations in an increasingly effective manner.

I have also set the Insolvency Service the following productivity and quality of service targets for 1990–91: to increase productivity in case administration by at least 8 per cent.; to complete the administration of at least 13,600 cases; to report to creditors on assets and liabilities within nine weeks in at least 60 per cent. of all cases; to hold meetings of creditors within 12 weeks in at least 90 per cent. of cases; to submit reports within 10 months in at least 80 per cent. of cases identified for investigation; to action at least 93 per cent. of payment requisitions within 10 days or by the due date.

Additionally, the Insolvency Service will be required to reduce in real terms the average unit cost of the initial stage of bankruptcies and liquidations by at least 5 per cent. over the next three years.

I have arranged for the framework document for the new agency to be placed in the Library of both Houses.