BusinessBusiness RecoveryCommons to examine Insolvency Service

Commons to examine Insolvency Service

House of Commons to cross-examine Insolvency Service on its ability to cope with an 'alarming' surge in insolvency cases

The all-party
Commons
Business and Enterprise Committee
is to cross-examine Insolvency Service
chief executive Stephen Speed on its ability to cope with an ‘alarming’ surge in
insolvency cases as the economy slows.

Chairman Peter Luff, a Tory MP, said: ‘Given the current economic situation,
it is timely to look at the Insolvency Service, both to assure ourselves of its
efficiency and to give the public the opportunity to raise any concerns they may
have about the underlying policy.’

The one-day hearing is expected to take place early in the new year.

The move preceded the disclosure of a 7% increase in bankruptcy figures
issued by the Ministry of Justice.

The figures showed that in Q3 of 2008 there were 13,653 debtor petitions and
3,184 company wind-up petitions – an increase of 13% on the same quarter in 2007
and a 9% increase on Q2.

It was the third quarter in succession that the individual bankruptcy figures
increased.

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