Privatise The Insolvency Service

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Privatise The Insolvency Service

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The Insolvency Service, and national Official Receiver's Offices are an agency of the Department for Business, Innovation and Skills and should be reformed and privatised. The UK's current insolvency laws allow viable businesses to be placed into liquidation. The process typically begins with the bank, usually a secured creditor, sending accountants to review the financial health of a debtor company. The government could advance new-found interest in business insolvencies by commissioning an independent investigation into the insolvency industry. Currently, seven ineffective regulators regulate around 1,600 licensed insolvency practitioners. Theses should be replaced by one independent regulator who owes a duty of care to all stakeholders. Reporting accountants should not be allowed to become receivers and liquidators. There should be an independent complaints investigations procedure, and an ombudsman should adjudicate on disputes.

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