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The company insolvency process brings much-needed confidence to investors, and support to those people directly affected by a firm’s financial failings, according to the incoming chief executive of the Insolvency Service.

Sarah Albon’s appointment to the role was announced on December 16th, but she does not formally start until February 2015.

Commenting on the news, she said she is “excited by the opportunity” that will be presented to her through her leadership of the Insolvency Service.

“The agency plays a vital part in promoting long-term economic growth through dealing with financial failure, giving confidence to investors and supporting those affected by financial distress,” Ms Albon said.

“There are many synergies between the work I have led in the justice sector and the insolvency regime.”

Her current role has been at the HM Courts & Tribunal Service, where she is Director of Strategy and Change.

At the Insolvency Service change is coming too, as the service looks to cut costs, improve customer service, and strengthen the UK’s regime for company insolvency in general over the coming five years.