The Insolvency Service’s Annual Report, released on July 20th, has shown a 20% increase in the number of unfit directors to be disqualified. The figure has risen from 1,284 in 1998-99 to 1,540. The statistic covers the year ending 31 March 2000 and is likely to spur the Service into taking a progressively more hard line attitude towards high-ranking corporate miscreants. Already the Insolvency Service has launched a pilot version of the Forensic Insolvency Recovery Scheme (FIRS), which consists of a team designed to root out senior industry figures who are abusing their positions for personal gain.
Department of Trade and Industry, 20th July 2000