The Insolvency Service has 'made significant strides in improving services and delivering value to customers', says interim Chief Executive Alec Pybus.
More than £57 million returned to the economy.
Almost 70,000 emergency redundancy payments made, and 45,000 Debt Relief Orders issued.
More than 1,000 directors disqualified for financial misconduct.
Latest figures revealed by the Insolvency Service show that £57.5 million has been returned to the UK economy in the past year, and over 69,000 people have been supported through emergency redundancy payments.
The figures form part of the agency's Annual Report and Accounts 2024-25: Insolvency Service Annual Report and Accounts 2024-2025 - GOV.UK
Interim Chief Executive Alec Pybus said: "The Insolvency Service has reached milestone achievements in the past year, not least in returning tens of millions back into the economy and ensuring those in financial distress are better supported."
Supporting the UK economy
The Annual Report and Accounts show that Insolvency Service Official Receivers handled 10,817 new insolvency cases during 2024-25.
This has resulted in a return of £57.5 million to the economy through distributions to creditors and debtors.
Additionally, there has been continued support for those who have lost their jobs unexpectedly where their employers cannot pay their redundancy period.
For example, the Redundancy Payments Service, has processed more than 69,000 payments in the past year.
The service responds quickly to applicants, within an average of just 11 days, providing much-needed support to those who are no longer employed through no fault of their own.
Tackling financial wrongdoing
Insolvency Service investigations also resulted in 1,037 directors being disqualified for misconduct, demonstrating the Insolvency Service's commitment to tackling financial wrongdoing.
Additionally, the agency has completed 169 criminal prosecutions and undertaken 133 live company investigations.
Supporting people in financial distress
There have also been effective changes to how the Insolvency Service manages Debt Relief Orders (DROs) - a solution to deal with debts that cannot be paid, including abolishing the £90 administration fee.
As a result, the number of DROs taken out by people in financial distress increased to 45,917, a rise of 41 per cent from the previous year.
The Breathing Space scheme - which provides legal protections from creditors for up to 60 days - was also approved for 88,568 individuals including 1,259 for people in a mental health crisis.
The Insolvency Service also introduced electronic signatures for Bankruptcy Order documents. This has increased the processing of these documents by six weeks, now taking just four days to be returned to an applicant.
Alec Pybus continued:
This annual report demonstrates that we are continuing to be an effective organisation, finding the right balance between tackling financial wrongdoing - which continues to be complex and challenging - and providing supportive solutions to people in debt.
Our work is crucial to maintain the integrity of our financial system, delivering economic confidence and protecting the interests of our customers.
We will now continue to build on these achievements and work towards a future where our services offer even greater support and value to all.
The Insolvency Service has also published its latest Annual Plan, which sets out the agency's aims for the year ahead: Insolvency Service Annual Plan 2025 to 2026 - GOV.UK
