§ Mr. MillsTo ask the President of the Board of Trade what savings he estimates will result from the transfer of aspects of the Insolvency Service from his Department to the Association of Chartered Accountants and the Institute of Professional Accountants.
§ Mr. Neil HamiltonEach of the professional bodies recognised by my right hon. Friend the Secretary of State to authorise insolvency practitioners has undertaken to commence routine monitoring of its own practitioners and is developing systems to take on this work which is presently carried out by my Department's Insolvency Service.
We presently expect there to be savings of between two and three man years in the long term as a direct result, but this is dependent on the continuing progress of the professional bodies towards becoming fully operational in this area.