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Banking & Finance team advise on secured transfer of IVA clients

The Banking & Finance team at Walker Morris have advised specialist business advisory firm FRP on the transfer of thousands of individual voluntary arrangement (IVA) clients from The IVA Advisor Limited (in administration) to an insolvency management firm, Anchorage Chambers.

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Anthony Collier and Simon Farr of FRP were appointed as joint administrators of The IVA Advisor Limited on 10 August 2022. This was after the business encountered significant cashflow pressures, leading to its insolvency.

20 members of staff were retained by the joint administrators following their appointment to enable the joint administrators to briefly trade the business whilst in administration and therefore ensure the existing customers’ IVAs continued to be managed appropriately.

The IVA Advisor’s client book contained approximately 8,000 clients, who have now been successfully transferred to insolvency firm, Anchorage Chambers.

Duncan Lole, Ashley Armitage, Olivia Robinson and Rebecca Dods from the Banking & Finance Team at Walker Morris provided legal advice to FRP.

Anthony Collier, joint administrator, commented:

“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.”

Ashley Armitage, Senior Associate in the Banking & Finance team commented:

“We are delighted to have worked with and advised FRP on this transfer. The transfer of IVA clients to Anchorage Chambers will provide the IVA clients with certainty and enable the seamless transition of services.”

Duncan
Lole

Partner

Restructuring & Insolvency

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Ashley
Armitage

Director

Restructuring & Insolvency

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Olivia
Prescott

Director

Restructuring & Insolvency

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