Insolvency Service: Reform
The question
To ask the Secretary of State for Business and Trade, what assessment he has made of the potential merits of reforming the Insolvency Service to ensure (a) greater transparency, (b) faster investigations and (c) greater accountability for insolvency practitioners.
Answered by Justin Madders
The work of the Insolvency Service is kept under continual review by the Department and Ministers.
The Insolvency Service, on behalf of the Secretary of State, performs a crucial function in overseeing the Recognised Professional Bodies’ regulation of Insolvency Practitioners. The regulation of Insolvency Practitioners was subject to a public consultation in 2021, and the Government is considering the introduction of reforms in this area.
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