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.”
The select committee heard that GT had not met up with the BHS pension scheme advisers or trustees, but had done so with Deloitte, Arcadia’s pension advisers
Mather boasts a quarter century of restructuring and insolvency experience gleaned across various roles at Deloitte and Begbies Traynor
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