The deal completed on Friday (2 December 2011) with the combined business trading under the Mazars name from Saturday (3 December 2011).
PwC's volume personal insolvency business has been based in its Gloucester office for 25 years and 27 staff members have transferred to Mazars.
The business will be integrated into Mazars' National Bankruptcy Centre, based in the firm’s Milton Keynes and London offices, which has demonstrated rapid growth since it was founded five years ago.
The combined practice has 50 staff and partners and will now be led by Mazars partner Martin Pickard.
Mazars' partner Guy Hollander will be responsible for the management and integration of the Gloucester practice.
In addition to Martin and Guy, three other practitioners will be taking appointments as Trustees in Bankruptcy: Ann Nilsson (Milton Keynes), Tim Hewson (Gloucester) and Ed Thomas (Gloucester).
Paul Rouse will take charge of both the London and Gloucester-based National Creditor Services teams, which liaise with creditors to represent their interests and secure bankruptcy appointments.
A 'good deal'
Dan Schwarzmann, head of business recovery services at PwC, said the deal was a good result for PwC.
He added: "We will now focus exclusively on complex and contentious assignments in the personal insolvency sector.
"I have been impressed with the professionalism shown by Mazars throughout the sales process and wish the combined business every success for the future."
Martin Pickard, partner at Mazars, said: "This is a significant step forward for our National Bankruptcy Centre and we are looking forward to the challenge of running the combined business.
"Our business is now in a position to become the lead practice in its market and we are excited by the opportunity it gives us to further enhance services to both our existing and new clients."
By Joe McGrath