Varden Nuttall, the Individual Voluntary Arrangement (IVA) provider in Bury entered Administration on 24th March 2016.
The business dealt mainly with consumer debt IVAs. We understand that debtors are advised to continue to maintain their IVA contributions in accordance with there approved arrangements.
It is likely that a gradual drop in consumer IVAs, tighter margins due to restricted fees and increased administration costs (both the latter being driven by consumer creditors) will have contributed to the business’s difficulties and unsustainability.
It will no doubt be interesting to monitor the outcome and overall impact to creditors.