Debt Advisor company enters administration

The joint administrators The IVA Advisor have secured the transfer of approximately 8,000 individual voluntary arrangement (IVA) clients to insolvency management firm Anchorage Chambers.

The IVA Advisor, which was based in Cheadle, provided advice and support for people across the UK to help them manage debt.

Anthony Collier and Simon Farr of specialist business advisory FRP were appointed as joint administrators to the business on 10th August 2022 after the business encountered significant cashflow pressures, ultimately leading to its insolvency.

Following the appointment, 20 members of staff were retained by the joint administrators, who briefly traded the company while in administration, to ensure the existing customers’ IVAs continued to be managed appropriately.

The business’ existing client book of approximately 8,000 clients has now been successfully transferred to insolvency firm, Anchorage Chambers. The Salford-based company works with clients to help clients resolve their debt problems using IVAs.

Anthony Collier, joint administrator at FRP said “The IVA Advisor faced significant financial challenges that resulted in the decision to place the company into administration. Securing a new provider had been a key priority for us and we aim to deliver as smooth a transition as possible to protect existing clients.”

“We’ll continue our communications with creditors as part of our statutory duties and support staff impacted during this difficult time.”