RSM TENON is in exclusive discussions with Grant Thornton to dispose of a segment of its personal insolvency business.
The firm is looking to offload its Individual Voluntary Arrangement (IVA) business to the top five firm Grant Thornton.
IVAs are a personal insolvency process, which allows a practitioner to consolidate and reduce a person's debt then arrange and supervise repayments over a contracted period of time – usually five years.
RSM Tenon's IVA business is a stand-alone activity based in Manchester that employs about 60 members of staff and is one of the largest IVA factories in the country.
The division generated £5m in revenues for the firm for the year ended 30 June 2012.
A statement from RSM Tenon said: "No assurance can be given that a sale will be concluded and a further announcement will be made in due course."
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.