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Insolvency Service 'will continue offering maximum protection to businesses'

Date Added: 21/07/2010  

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Firms taking business insolvency advice have been advised that spending cuts will not make the Insolvency Service less effective.

The body is one of those that will be affected by the government's cuts in public expenditure.

However, chief executive Stephen Speed insisted that it has very rigorous systems in place to ensure that it continues to provide maximum protection to both businesses and members of the public.

Despite this, he conceded that the spending cuts will lead to some reduction in the number of insolvency and live company investigations it is able to undertake.

Mr Speed added that while the expenditure cuts are now being put in place, the Insolvency Service is not planning to lay off any members of staff.

The government is aiming to save £6.25 billion this year, which has led to the Department for Business, Innovation and Skills working to cut its running costs by 11 per cent.

This comes after the Insolvency Service urged potential bankrupts to avoid trying to hide their assets from creditors or face a penalty.

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