Debt Free Direct, a Chorley-based individual voluntary agreement (IVA) specialist entered into administration on 1 September 2017 and following the appointment of administrators, its business and assets were sold to Aperture Debt Solutions. The consideration comprised a cash payment of £1.3m paid upon completion and all 72 employees will transfer to the buyer with immediate effect.
Fairpoint Group has also announced the conditional sale of the entire share capital of its wholly owned subsidiary IVA Insurance, a reinsurance captive specialising in consumer claims, to Barkol Limited. The consideration comprises a cash payment of £450,001, with an additional amount equivalent to cash balances held by the company being payable upon completion.
Allixium, a claims management company specialising in consumer claims and a wholly owned subsidiary of Fairpoint Group, has also been sold to Barkol. The consideration comprised a cash payment of £52,841 paid upon completion.
Hill Dickinson corporate partner Ian Riggs led on the transaction for Aperture Debt Solutions and Barkol together with associate James Down. Personal insolvency specialist and legal director Kathryn Maclennan also advised on the deal.