Insolvency Service to slash budget by 11%

The Insolveny Service

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.

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