Parliamentary Under-Secretary (Department for Business, Energy and
Industrial Strategy) : My Right
Honourable friend Parliamentary Under Secretary of State for
Climate Change and Corporate Responsibility () has today made
the following statement:
I have set performance targets for the Insolvency Service for the
financial year 2020-21. The Insolvency Service is the Government
agency that delivers public services to those affected by
financial distress or failure by providing frameworks to deal
with insolvency and the financial misconduct that sometimes
accompanies or leads to it.
The Insolvency Service aims to deliver economic confidence
through a fair corporate and personal insolvency regime which
gives investors and lenders confidence to take the commercial
risks necessary to support economic growth. It has a crucial role
to play in supporting businesses and individuals in financial
difficulty or facing redundancy owing to their employer’s
insolvency.
In 2020-21 and beyond the Insolvency Service will be critical in
giving confidence to the UK’s businesses, investors and employees
following the impact of COVID-19. I have set measures and targets
at a level which will drive the Insolvency Service to deliver its
essential services effectively for its stakeholders. These
measures include:
|
Measure
|
2020-21 target
|
|
Make bankruptcy orders sought by individuals within 2
working days
|
95% or greater
|
|
Determine debt relief order applications within 48 hours
|
95% or greater
|
|
Average time taken to process redundancy payment claims
|
14 days or less
|
|
Issue reports to creditors within fifteen days of
interviewing[1]
|
91% or greater
|
|
Deliver against the agency apprentice target for 2020-21
|
42 or more
|
|
Pay supplier invoices within 5 working days
|
80%
|
|
Pay supplier invoices within 30 calendar days
|
100%
|
The Insolvency Service’s Annual Plan for 2020-21 is published in
full on Gov.uk.
[1] Or a decision that no interview is required
