‘Insolvency exchange’ to be launched

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.

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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