Government Insolvency Service to reduce investigations to cut costs | AccountingWEB

Government Insolvency Service to reduce investigations to cut costs

I noticed this announcement recently by Stephen Speed, the chief executive of the government Insolvency Service:

“BIS [the Department for Business, Innovation and Skills] announced plans to save £100 million in 2010-11 by cutting its running costs by 11% and invited its partner organisations to try to achieve the same,  as part of its £836 million package of savings towards the Government’s target of saving £6.25 billion this year.

The Insolvency Service has reviewed its plans for the year in the light of this request and I have put forward carefully considered proposals which will make a meaningful contribution.

Meeting this challenge has been difficult.  It is inevitable that the cuts will, over time, lead to some reduction in the number of insolvency and live company investigations that we are able to pursue.  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.

I am happy to confirm that, despite the expenditure reductions that we are now implementing, The Service has no current plans to make any of its staff redundant."


I have to say that, whatever the aim may be, the decision to cut the number of investigations by the Insolvency Service cannot assist in "providing the maximum protection to the public and to businesses".  It all seems to me to be particularly inappropriate to cut the funding of the Insolvency Service at a time when the country is dealing with the aftermath of a recession.



'i have to say'

carnmores | | Permalink

does he really

what a last paragraph

the IS is almost totally reactionary

does it really protect the public apart from usually meaningless disqualifications of directors who efect a work around

he has pledged to retain the headcount for far less work as i see it very cunning

lets decrease the staff count by sacking him

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