IVA boss Mond places acquired rival into administration

Cleardebt chief executive David Mond has appointed administrators to his recently acquired rival IVA firm Relax Group.

Jonathan Elman Avery-Gee of Kay Johnson Gee has been appointed administrator to AIM-listed Relax, which has operated under names such as Debtcare and Synergi.

Its shares were suspended on 6 October pending clarification of its financial position.

Mond denied to the Daily Telegraph that he had bought the business only to place it into administration, saying that its insolvency was imminent as the company had been in financial difficulty for some time.

He had bought the company's debt from Barclays several days earlier.

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