I have set performance targets for the Insolvency Service for the financial year 2019-20. The Insolvency Service is the Government agency that provides public services to those affected by financial distress or failure.
The Insolvency Service provides the frameworks that deal with insolvency and the financial misconduct that sometimes accompanies or leads to it. Its aim is to deliver economic confidence through a corporate and personal insolvency regime which is regarded as fair and that gives investors and lenders confidence to take the commercial risks necessary to support economic growth.
In 2019-20, an important priority for the Insolvency Service will be to maintain its current high level of customer service whilst delivering a major change programme. I have set measures and targets at a level which reflect the challenges that the agency continues to face.
Ministerial Target | 2018-19 target | 2018-19 performance | 2019-20 target | |
Delivering economic confidence | Per cent of users[1] who are satisfied with the Insolvency Service | 85% or greater | 84% | 85% or greater |
Supporting those in financial distress | Average calendar days taken to action a redundancy claim | 14 days or fewer | 12.2 days | 14 days or fewer |
Tackling financial wrongdoing | Average time taken to obtain a disqualification | 21 months or fewer | 19.9 months | 20 months or fewer |
Average time taken to obtain a bankruptcy restriction | 10 months or fewer | 8.6 months | 10 months or fewer | |
Average time taken to instigate a criminal prosecution | 24 months or fewer | 25.9 months | 24 months or fewer | |
Maximising returns to creditors | Per cent of reports to creditors issued within 15 calendar days of an attended interview [2] | 90% or greater | 92.6% | 91% or greater |
Total value distributed to creditors [3] | £55m or greater | £61.3m | £60m or greater | |
Financial management | Expenditure to be managed within budget | Achieve | Achieved | Achieve |
[1] a) Debt relief order debtors; b) approved intermediaries; c) bankrupts; d) directors of insolvent companies; e) redundancy payment claimants; f) institutional creditors; g) non-institutional creditors; h) insolvency practitioners.
[2] Or where a decision is made that no interview is required or the agreed point of non-surrender.
[3] Excludes distributions relating to Carillion
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