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Saturday, June 15, 2024

Chorley-based IVA business sold out of Administration

Sandy Kinninmonth, Lindsey Cooper and Chris Ratten from RSM Restructuring Advisory LLP were appointed Joint Administrators of Debt Free Direct on 1 September 2017.

Debt Free Direct Ltd, based in Chorley, Lancashire, is an Individual Voluntary Arrangement (IVA) business that delivers debt solutions for individuals across the UK and employs 72 people. The Company was part of the wider Fairpoint Group plc which went into Administration on 10 August.

Despite cost savings measures, Debt Free Direct suffered financially due a decline in the demand for IVA’s and continuing low interest rates.

Following the appointment of Joint Administrators, the Debt Free Direct Ltd business and assets were subsequently sold to Aperture Debt Solutions LLP. All employees will transfer to Aperture Debt Solutions LLP with immediate effect.

RSM’s corporate finance team, led by partner James Wild with support from Nick Wyatt, acted alongside Joint Administrators on the sale.

Lindsey Cooper, restructuring partner at RSM and one of the joint administrators, said: ‘The successful sale of Debt Free Direct Ltd will ensure the continuity of service for customers and staff, whilst mitigating the position of key creditors.’

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