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Creditors could save over £36m by the government’s latest proposals which would cut pointless processes during insolvency proceedings. The proposals are part of the government’s Red Tape Challenge and have been set out for consultation. The consultation will close on 18 July 2013.

Hot on the heels of the recently announced Trust and Transparency Consultation announced by the Department for Business, Innovation and Skills (BIS), comes another consultation, from the Insolvency Service, called Red Tape Challenge—changes to insolvency law to reduce unnecessary regulation and simplify procedures.

The aim is to consult with insolvency professionals on how insolvency processes can be improved, cutting out unnecessary red tape while retainin