PwC to sell personal insolvency practice
The firm is currently looking for buyers of its personal insolvency division. However, it will continue to take bankruptcy appointments for high net worth individuals
PWC IS CURRENTLY SEARCHING for buyers of its personal insolvency practice based in its Gloucester and Leeds offices.
The management team of both offices are currently working with PwC partners to sell the division.
Dan Schwarzmann, PwC partner and head of business recovery, said: “Given the nature of high volume personal insolvency work, PwC have come to the decision that the high calibre team will have better opportunities outside of the firm.
“We are working with the management of the personal insolvency group to secure a good result for the team and the firm, and are looking at a number of options including a sale of the business.”
PwC will continue to take bankruptcy and other personal insolvency appointments. However, it will only work with high net worth individuals and larger complex cases in this field.
Industry sources speculated that the largest personal insolvency divisions in the UK including Begbies Traynor, KPMG, Mazars and BDO, could all be interested in acquiring the division from PwC.