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News has reached the blog that the Insolvency Service is to be abolished. In the latest in a long line of cost cutting activity, the Coalition Government has decided that the IS no longer serves any fruitful function. The majority of its work is to be passed to charitable bodies (i.e. the CAB), and other Government agencies. The closure will coincide with the departure of Stephen Speed, who will therefore have a footnote in history as the last Inspector General in Bankruptcy. An annonymous sources has been quoted as saying, "All good things come to an end, we just did not think the IS would be liquidated."
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...