A new ‘insolvency exchange’ is being set up by Debt manager TDX to help
streamline dealings between near insolvent taxpayers, their advisors and their
This comes as the number of IVAs –
voluntary arrangements -are set to be more than double last year at 50,000
and the number is expected to double again in 2007.
TDX said losses from insolvency are
set to exceed £6bn in 2006.
‘Banks and other creditors have been struggling with insolvencies over the
past year or so,’ said TDX chief executive Mark Onyett.
‘This represents a good opportunity to deal with that from a creditor point
of view and make sure consumer standards are being taken care of,’ he added.
Backers for the scheme, under which banks will pay TDX a percentage of the
recovered funds, already include two of Britain’s top five banks including giant
The exchange goes live on 20 November.
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