Debt management companies saw their shares plunge yesterday after a leading
player warned that the market had become tougher, particularly for individual
voluntary arrangements that allow people to restructure their debts to avoid
Debtmatters saw a 73% share price drop after announcing a scale back because
it believed it ‘may no longer be able to deliver IVAs profitably’.
Firms have recently come under fire for encouraging people with large debt to
agree to an IVA instead of informal arrangments with creditors. But banks and
credit card companies are now cutting back on the fees they are prepared to pay.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies