Insolvency specialist Accuma saw its shares go up 5% after issuing a detailed trading update following an unexpected profit warning.
The warnings last week, from Accuma and Debt Free Direct, shook Aim-listed companies dealing with personal insolvencies, causing their shares to plunge.
Accuma shares, which stood at 222%p last week, fell nearly 60% when it said the UK's biggest banks were becoming reluctant to approve insolvency agreements and that it had suffered from a 'poorly executed' marketing strategy, the FT reported.
Accuma revealed yesterday that approval rates for individual voluntary arrangements (IVAs) dropped from 94% to 78% towards the end of 2006.
The company yesterday sought to reassure the market that in early 2007 approval rates had returned to about 85%.
Further reading:
IPA to set up regulator for debt management firms
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