Insolvency Service Performance Targets 2020-21
(3 years, 6 months ago)
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The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Paul Scully)
My right hon. Friend the Parliamentary Under-Secretary of State for Climate Change and Corporate Responsibility (Lord Callanan) has today made the following statement: Measure 2020-21 Target Make bankruptcy orders sought by individuals within 2 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 15 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%
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:
The Insolvency Service’s annual plan for 202-21 is published in full on: www.gov.uk.
1 Or a decision that no interview is required.
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