A ‘Freshstart’ for QIS

Posted on Feb 23, 2023. by NTI

Following the Administration of Quality Insolvency Services Ltd (“QIS”) on 23 November 2022, their ‘book’ of IVA cases has now been sold to Freshstart Insolvency Limited.

QIS had run into cash flow difficulties as a result of growing their team to over 60 members of staff, and a large marketing drive, and had been supported by Balbec Capital, the company’s ultimate funder, who had advanced in excess of £23m since 2019. As well as employing additional staff, this had also funded the acquisition of IVAs by QIS through both internal and external channels.

The sale of the ‘book’ was completed by QIS’ Joint Administrators, Anthony Collier and Simon Farr of FRP. The majority of the staff at QIS had been retained by the Administrator prior to the sale, and Freshstart had provided supervisory, cashiering and creditor meeting services on an outsourcing basis. This has meant that the Administrators have ensured there is continuity of service for customers and creditors of the IVAs.

QIS were the second large IVA provider to enter into Administration recently, following the demise of The IVA Advisor in August 2022. It is estimated that QIS had around 13,500 IVAs in progress before entering Administration.

Freshstart offer a range of personal insolvency solutions, including IVAs and Debt Management Plans. They claim to have helped more than 12,000 people gain control of their finances and become debt free.

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