I have today agreed to the publishing of the Insolvency Service’s Corporate Plan for the period 2007-10.
The Insolvency Service plans to deal with some 77,000 new insolvencies in the year to 31 March 2008, principally as a result of a further increase in personal bankruptcies.
Its planning assumption for the level of redundancy payments and other insolvency-related claims is 90,000 in the year.
Action will continue to be taken against bankrupts and company directors in respect of financial misconduct or dishonesty and I have asked the service to increase its enforcement output by 7 per cent. over that achieved in 2006-07. Companies Investigation Branch will continue to investigate the affairs of companies in the public interest and I have set targets in relation to the timeliness of dealing with complaints made and the handling of investigations that follow from those complaints.
The service’s “Enabling the Future” strategy, a major programme of IT led investment, will deliver savings over the period of the forthcoming Comprehensive Spending Review and I have therefore set the service a target to have reduced its case administration fees by 15 per cent. by 31 March 2011.
The Corporate Plan is available at: www.insolvency .gov.uk
I have also set the Insolvency Service the following targets for the year 2007-08:
Published Targets 2007-08 Target 2007-08 Target 2006-07 Case Administration Targets Reduce bankruptcy and company administration fees by 2010-11 from 1 April 2007 baseline by 15% New Target Maintain satisfaction level of bankrupts and directors 91% New Target Increase satisfaction level of insolvent creditors from 82.6% to 84% New Target Enforcement Increase the level of public confidence in the service’s enforcement regime from 62.8% to 65% 60% To reduce the average time from insolvency order to the instigation of disqualification proceedings in appropriate cases 22 Months New Target Increase the quantity of enforcement outputs in 2007-08 from 2006-07 baseline by 7% New Target Companies Investigation Complete consideration of vetting complaints within 2 months 90% New Target Complete internal Section 447 investigations within 6 months 90% New Target
Redundancy Payments Maintain the cost of redundancy payment processing at the 2006-07 baseline Maintain costs at 2006-07 New Target Process Redundancy Payment claims for payment Within 3 Weeks 78% 78% 6 Weeks 92% 92% Increase satisfaction level of redundant employees 78% New from 74.2% to Target
In addition to these targets the service is required to meet centrally promulgated targets relating to replying to correspondence from hon. Members, making payments to suppliers and reducing sick absence levels. The service will also look to maintain Charter Mark and Investors in People accreditation following reassessments during 2007-08.
Other Targets Target 2007-08 Target 2006-07 Reply to correspondence from Members of Parliament within 10 days 100% 100% Process payments to suppliers in 30 days 100% 100% Reduce the level of sick absence 7.5 man days per employee 8.5 man days per employee