Debt management provider Paymex Group has sold its entire portfolio of Individual Voluntary Arrangements to insolvency firm Grant Thornton, Credit Today understands.

It is believed the portfolio has been transferred from Paymex Group’s subsidiary, Blair Endersby, to Grant Thornton’s Belfast office where the firm’s Individual Voluntary Arrangement (IVA) operations are overseen by partners Mark Allen and Gareth Neill.

Paymex Group is also thought to have made some redundancies in its IVA division as a result of the decision to sell, but it is not known if Grant Thornton may integrate these staff into its own operations.

It is believed the decision to offload the IVA book follows a verdict reached by senior management at Paymex Group that the returns generated from IVAs had become insufficient to warrant the amount of.....Read more HERE