KPMG has compiled data from their clients which reveals that the number of
homeowners entering into IVAs has climbed by 10% on the same period last year.
Mark Sands, insolvency director at KPMG, said: ‘Our research shows a steady
30% throughout the year of IVAs going forward, but there are now more than 40%
of IVAs from people with mortgages being put forward.’
The increase on last year’s figures is being blamed on the lack of liquidity
in the market, as low-rate fixed mortgage deals expire and people find
themselves overstretched with increased repayments.
‘Mortgages are going up and debtors can’t repay their other creditors.
‘They used to be able to remortgage to see them out of debt, but this is no
longer always an option,’said Sands.
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
Smith & Williamson has been appointed administrators of charity 4Children