- 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.[HCWS36]