Author: Johnson Geddes

One Advice Ltd, which trades as Harrington Brooks IVA is now Freeman Jones Ltd, trading as Harrington Brooks.

On 11 April 2018 Insolvency Practitioners at Deloitte LLP were appointed as Joint Administrators to Harrington Brooks Group Ltd, Harrington Brooks Ltd, One Advice Ltd, HB Financial Solutions Ltd and Open-Door (Legal Services) Ltd.

The Administrators have reported that the business and assets of these Companies have been sold to Gregory Pennington Limited, Freeman Jones Limited and All About Money Limited, all subsidiaries of Think Money Group Limited.

IVA numbers soar!

Q3 2016 statistics from the Insolvency Service reveal IVA as the debt solution of choice
In England and Wales the number of people becoming insolvent in Q3 2016 was 24,254, a 6% increase on the previous quarter and 19.3% higher than the same quarter in 2015.This included 3,844 Bankruptcies, 6,490 Debt Relief Orders (DROs) and 13,917 IVAs. The increase in individual insolvencies appears driven by the increase in IVAs, which increased 10.9% when compared with Q2 2016.DROs decreased by 3.7% when compared with Q2 2016, which is mainly due to the change in eligibility criteria introduced in October 2015.

Bankruptcy orders were 7% higher than in Q2 2016 yet still 1.5% lower than in the same period in 2015.

Click to be taken to all the reports on the government website.

The Insolvency Service have released the latest IVA statistics and they can be accessed via the link below.
Highlights: Full report here

  • The percentage of IVAs failing within the first three years decreased for IVAs registered since 2011, compared with those registered before 2008.
  • Over 12% of IVAs registered in 2008 and 6% in 2007 were still ongoing, having started around 7 to 8 years earlier.
  • IVA failure rates increased for IVAs registered between 2001 and 2007. Failure rates for 2008 and later registrations are uncertain as many are still ongoing.

Between the years 1990 and 2002, inclusive, the percentage of IVAs registered each year that

eventually resulted in termination was around 30% (the lowest figure in this period being 28%

for 2001 registrations and the highest 33% for 1995 registrations).

The percentage of terminations has since followed a generally upward trend from 30% for

2002 to the level for 2007 registrations, which currently stands at 40%. As at October 2015,

30% of IVAs registered in 2009 were still ongoing (Table 1 below), so the percentage of IVAs

registered this year which result in termination is likely to increase going forward.

It is not possible to make direct comparisons between termination rates for IVAs registered

from 2010 onwards, and those registered before, as over half of IVAs are still ongoing for

more recent registrations.

It is usual practice for IVAs to last for five or six years. However, as at October 2015 over 6%

of IVAs registered in 2007 were still ongoing, having started around eight years earlier; and

over 12% of IVAs registered in 2008 were still ongoing, having started around seven years

earlier. There are a number of reasons why IVAs could last for this length of time, such as:

  • the individual originally agreeing to an IVA that would last for this length of time;
  • payment holidays or other variation of an IVA agreement which has lengthened its original duration;
  • IVAs being kept open pending the outcome of Payment Protection Insurance claims
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“Free and impartial money advice is provided by the Money Advice Service”

Johnson Geddes is a member firm of and regulated by the Insolvency Practitioners Association

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