§ Mr. SarwarTo ask the President of the Board of Trade what has been the cost to public funds of the processing of insolvencies in each of the past eight years. [44206]
§ Mr. Nigel Griffiths
£000 Year Total cost 1990–91 49,611 1991–92 56,897 1992–93 63,466 1993–94 69,350 1994–95 71,814 1995–961 99,199 1996–971 76,009 1 The costs for 1995–96 and 1996–97 are from the agency's audited accounts. The 1995–96 accounts include an exceptional item of £12.502 million. Annual accounts for the year ended 31 March 1998 are currently being audited.
385WThe Department of Trade and Industry receives the income generated by the fees charged to insolvent estates administered by Official Receivers and insolvency practitioners. Additionally, HM Treasury receives
£000 1990–91 1991–92 1992–93 1993–94 1994–95 1995–96 1996–97 Fees paid to Department of Trade and Industry 22,385 35,403 45,849 38,661 25,957 41,308 30,076 Investment income paid to HM Treasury 26,545 27,367 26,509 31,775 41,415 47,079 37,994 Total income 48,930 62,770 72,358 70,436 67,372 88,387 68,070 Net (cost)/surplus to public funds (681) 5,873 8,892 1,086 (4,442) (10,812) (7,939)