Posing the question ‘Struggling with debt problems?’ on its website, it may come as a surprise to some that the self-styled ‘Debt Solver’, Accuma Group, has gone into administration.
The troubled, Manchester-based debt management firm has appointed Leonard Curtis as administrator, whilst its sister company, Wilson Phillips, which offers IVAs, has been placed into insolvency.
Accuma Group was founded in 2003 as an IVA specialist and since then it has seen its fair share of financial struggles, closing down its loan broking business in 2008 and announcing full year losses of £7.49 million in May 2009.
The group eventually exited the IVA market last year in order to focus on providing debt management services through its other business, Byrom & Keeley.
No one from the firm was available for comment but a telephone operator from Byrom & Keeley said she “presumed” they were still trading.
Last December chief executive Charles Howson took the firm into private ownership in a deal worth £5 million, following overwhelming support from the shareholders.
Melanie Giles, insolvency expert from Jones & Giles, commented: “Yet again this is indicative of how hard creditors are squeezing fees on companies specialising in personal insolvency. It might surprise people but many of these companies are teetering on the edge of their own insolvencies.”
Zeus Group has clarified further details regarding the administration of Manchester consumer debt outfit Accuma Group. Since selling the individual voluntary arrangements (IVA) case book in June 2009, the only trading subsidiary of the group has been Byrom & Keeley Financial Services. This will now continue to be the main focus of operations, with a possible move back into the IVA market. Other non trading corporate entities in the group have been placed into administration and will be wound-up. Zeus and former chief executive Charles Howson took Accuma private earlier this year under acquisition vehicle HH Bidco
Seems like a tidying up operation but will be interesting to see how it developes.
Nothing like being misquoted in the press! I think what I said to the journalist was more that insolvency companies were struggling to deal with severe fee restraints imposed by creditors, and that we have already seen a few firms exiting the marketplace.
The Accuma insolvency - which is a bit old news now - seems to result from a need to consolidate operations within that Group, which is not suprising following the sale of their IVA book to GT last year.
You can always rely on the press to get things wrong Mel!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
