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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

27 AUG 2012

Insolvency Service: Red Tape Challenge

The Insolvency Service have issued the following statement which may be of interest to readers: 

"Dear Stakeholder

The Red Tape Challenge, a themed review of all existing regulation, is a major part of the Government’s commitment to reducing the existing burden of regulation in the UK as part of its plan for growth.   The programme is led by the Cabinet Office and BIS and aims to root out unnecessary, overcomplicated regulation that strangles business and economic growth.

Regulations are grouped in themes and each theme is featured on the Cabinet Office’s Red Tape Challenge website for a period of 5 weeks, during which people are able to say whether the regulations should be scrapped, simplified or achieved in a non regulatory or less bureaucratic way.

The Insolvency theme commences today.  During the following five weeks all stakeholders and the public will be able to comment on over 100 insolvency ‘regulations’ which set out how insolvency procedures work, the obligations of insolvency office-holders and the disqualification regime.  The only insolvency legislation not included in this exercise are those which relate to fees and charges.

A full list of the insolvency regulations that will be included is published on the Cabinet Office website at http://www.redtapechallenge.cabinetoffice.gov.uk/home/index .  That website is the primary source of comment for any interested party to make their comments, either publicly as part of a (moderated) on-line discussion or privately by emailing redtapechallenge@cabinet-office.gsi.gov.uk.  Once the theme window closes, The Insolvency Service will produce a set of proposals on regulatory reform, which are then reviewed by a Ministerial ‘Star Chamber’ with the presumption that all burdensome regulations will go unless Departments can justify why they are needed – well-defined and necessary regulation will be kept. 

The Red Tape Challenge provides a unique opportunity for stakeholders to identify unnecessary, or overcomplicated regulation, and put forward their ideas as to how it could be improved.  If you have any queries about the Red Tape Challenge, please visit the website athttp://www.redtapechallenge.cabinetoffice.gov.uk/home/index or contact policy.unit@insolvency.gsi.gov.uk .

Yours sincerely

Mike Chapman

Assistant Director of Policy

The Insolvency Service

 Fourth Floor, 4 Abbey Orchard Street, London, SW1P 2HT  www.insolvency.gov.uk"

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