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28 Feb 2011
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.
Further reading
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.
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Visitor comments Add your comment
High Net Worth?
How do you take a bankruptcy appointment from a high net worh individual? Surely if they have high net worth they wouldn't be going bankrupt.
Posted by: Chris, 28 Feb 2011 | 11:27
Irony?
"However, it will only work with high net worth individuals .."
Am I alone in thinking that there is some delicious irony in this? When does a bankrupt high net worth individual cease being a high net worth individual? Or, being bankrupt how can one be a hign NET (my emphasis) worth individual?
Posted by: Richard, 28 Feb 2011 | 11:47
An oxymoron surely?
How do you define a bankrupt high net worth individual?
Posted by: Gareth Ackroyd, 28 Feb 2011 | 12:01
It doesn't make sense
Don't understand this press release at all.....
What will be the precise cut off criteria for seperating out future client enquiries. Deciding who is to handle them? - PWC or the buyer should be interesting.
Posted by: giles brearley, 28 Feb 2011 | 13:51
Bankruptcy of HNW
A High Net worth individual goes bankrupt when he might have assets of say £10m or even £1bn, but has liabilities well in excess of his assets. Insolvency is broadly speaking, being in a position that means that you are unable to meet your liabilities as they fall due. Creditors ( i.e those you owe money to may bear with you for a while, but they have a right to take you to court and make you bankrupt if you have not honoured a statutory demand within a set number of days etc. So High Net worth individuals can still go bankrupt
Posted by: P John, 02 Mar 2011 | 22:51
HNW
Net means assets minus liabilities though
Posted by: Pete, 11 Mar 2011 | 19:35