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| BankruptcyNews |
Posted - 18 October 2007 : 11:09:47
IVA market 'will restructure' following crunch
The individual voluntary arrangement (IVA) market will need to restructure following the global credit squeeze, an expert has said.
A spokesperson for the Consumer Credit Counselling Service has said many larger IVA companies will survive, but the smaller operators could struggle.
This is unlikely to affect the individuals looking to use IVAs as an alternative to bankruptcy, he added.
"It's more of a business and commercial issue rather than something for consumers to worry about," said the spokesperson.
He added that IVAs were not suitable for all and said his organisation offered them only in between three and five per cent of cases, whereas bankruptcy was recommended in around 15 per cent of cases.
Government figures reveal there were 26,956 insolvencies in England and Wales in the second quarter of 2007, a decrease of over eight per cent on the previous quarter. Of that number, 16,258 were bankruptcies and 10,698 were IVAs.
Source: londonstockexchange.co.uk
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