My Rt hon Friend the Minister of State for Small Business and Enterprise, (Anna Soubry) has today made the following statement.
I have set performance targets for the Insolvency Service for the financial year 2015-16.
The targets reflect a rise in stakeholder confidence in the agency’s enforcement action and in its timeliness in reporting to creditors, but also the challenges that it continues to face.
The Insolvency Service has reduced its costs significantly to reflect a continuing reduction in demand for its official receiver services, which handled fewer than 23,000 cases in 2014-15 compared to 27,000 in 2013-14. The number of redundancy claims has also fallen, with 62,000 claims in 2014-15 compared to 75,000 in 2013-14. The numbers of official receiver cases and redundancy claims are expected to fall still further in 2015-16.
The Insolvency Service Annual Plan 2015-16 will be available from 15 July at http://www.bis.gov.uk/insolvency/About-us. The Plan continues the agency’s focus on deficit reduction and actions that will support long term resilience.
Insolvency Service published targets | 2014-15 Target | 2014-15 Actual | 2015-16 Target | |
Value for Public Money | Deliver against agreed budget, with sound financial management & robust governance. | Achieve | Achieved | Achieve |
Customer / Stakeholder Satisfaction | Customer satisfaction sustained in upper quartile of comparable public bodies (survey). | 90% | 95% | 90% |
Confidence in enforcement activity (survey). | 69% | 73% | 73% | |
Operational Effectiveness | Per cent of reports issued to creditors within eight weeks (bankruptcy/company cases). | 92%/85% | 98%/95% | 95% |
Per cent of disqualification cases in which proceedings are instigated under 23 months. | 95% | 98% | 97% | |
Per cent of bankruptcy restrictions authorised within 11 months of insolvency. | 80% | 86% | 80% | |
Action redundancy payment claims within three weeks. | 80% | 87% | 80% | |
Action redundancy payment claims within six weeks. | 92% | 97% | 92% |
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