RSM TENON is in discussions to sell part of its personal insolvency business to Grant Thornton.
Individual Voluntary Arrangement (IVA), is a legally binding arrangement with creditors and a formal alternative to bankruptcy, in which a registered insolvency practitioner consolidates and reduces debt and then arranges repayments over a contracted period of time.
RSM Tenon’s Manchester-based IVA business is one of the largest in the country, with 60 employees, generating £5m in revenues at the end of the last financial year.
RSM Tenon has said that the proposed sale doesn’t include the company’s debt management business or any other part of its Recovery arm.
In a statement, the firm said that ‘no assurance can be given that a sale will be concluded and a further announcement will be made in due course.’