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
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