‘Insolvency exchange’ to be launched

‘Insolvency exchange’ to be launched

Debt manager TDX sets up link-up service

A new ‘insolvency exchange’ is being set up by Debt manager TDX to help
streamline dealings between near insolvent taxpayers, their advisors and their
creditors.

This comes as the number of IVAs –
individual
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
HSBC.

The exchange goes live on 20 November.

Further reading:

IVAs could exceed 100,000 by 2010 

Debt management industry makes tough call on debt

Regulate IVAs more closely, says trade body

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