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19 Jul 2010
A reduction in the number of insolvency investigations is inevitable, according to the head of the government's Insolvency Service (IS), once the department cuts its spending by 11% this year.
A statement from the Stephen Speed, cheif executive at the IS, said: " However, I can assure everyone that the Service has very rigorous systems in place to ensure that our work is aimed at providing the maximum protection to the public and to businesses at all times."
Speed said there would be no job cuts. he said that meeting the cost cutting demands had been "difficult".
The spending cuts come after the Insolvency Service's parent body, the department for business, announced it was to reduce costs by 11% and told junior organisations to do likewise. The deaprtment will cut costs by £100m in 2010-11.
Read more:
IT delays at the Insolvency Service
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