Insolvency Service on brink of insolvency
The UK government’s Insolvency Service is almost insolvent, the Financial Times reported.
Experts suggest the group, which polices bankrupt companies, liquidates failed businesses and disqualifies unfit directors, would be broke had it not received an emergency injection of cash from the government.
After reporting an underlying deficit of £12m last year, the agency is heading for a deficit of £5m to £7m for 2012-13, according to Whitehall officials.
“It is fair to say that if this was a company it would be in deep trouble,” said Adrian Bailey, chair of the parliamentary business committee.
The Insolvency Service is dependent on...