TaxPersonal TaxInsolvency specialist’s shares recover after profit warning

Insolvency specialist's shares recover after profit warning

Detailed trading update sees Accuma's shares rise again after unexpected profit warning

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

Debt management company benefits from
booming sector

Insolvency profession to be
‘revolutionised’

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