I have set performance targets for the Insolvency Service for the financial year 2023-24. 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.
This year, the Insolvency Service has reinforced its commitment to putting customer satisfaction and real-life impacts at the heart of its services and to supporting the government in delivering against its priority to protect consumers and support businesses to thrive, and make the UK a safe place to do business.
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 | 2023-24 Target |
Covid 19 support scheme misconduct/fraud related outcomes as a percentage of all disqualifications and criminal outcomes1 | 49% or better |
Customer Satisfaction score
| 84% or better |
Average number of days taken to process redundancy payment claims
| 14 days or less |
Issue reports to creditors within fifteen days of interviewing (percentage issued)
| 94% or better |
Percentage of Breathing Space statutory notices issued electronically | 85% or better |
Volume of cases where any distribution is made | 19,000 |
Value of distributions to creditors and debtors | £39m |
The Insolvency Service’s Annual Plan for 2023-24 is published in full on Gov.uk.
1 This target seeks to ensure that addressing covid support fraud remains a key priority for overall enforcement activity, as such we want to see 49% or more of our total enforcement outcomes related to this type of misconduct
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