BusinessBusiness RecoveryInsolvency Service to cut number of investigations

Insolvency Service to cut number of investigations

Insolvency regulator will reduce the number of investigations on businesses and directors as part of the government's promise to cut public spending

Insolvency Service investigations will be reduced as part of a department
reduction in costs, the body said today.

The body has not revealed how many investigations will be cut or how the
spending will be reduced. The cuts comes as the the government reins in public
sector spending.

The Service is a division of the government’s Business Innovation and Skills
department which is due to reduce running costs by £100m in 2010-11.

Stephen Speed, CEO at the Insolvency Service, said it was “inevitable”
spending cuts would lead to a reduction in the number of investigations.

He said there would be no planned staff redundancies.

Further reading:

Insolvency
Service to slash budget by 11%

Insolvency
Service delays IT shutdown for second time

OFT
wants “far-reaching reform” of corporate insolvency regime

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