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IPs instructed about debt management firm 31 July 2013

Insolvency practitioners have been instructed about debt management firm Smooth Financial Consultants one week after a winding-up petition was issued against the business.

Alan Coleman and Rod Withinshaw of accountancy firm RPG have been instructed – but not formerly appointed as administrators – of Smooth Financial Consultants ahead of a High Court hearing about the company’s future.

It comes just one week after a firm called RPS RE A II LLP, claiming to be a creditor of the company, issued a winding-up petition against the business.

Withinshaw told Credit Today there would be a hearing in the High Court in the coming weeks to deal with the winding-up petition and resolve the future of the business.

The Sale-based firm specialises in debt management solutions such as Individual Voluntary Arrangements, Trust Deeds and bankruptcies for consumers in financial difficulties.

Last year, owner and director Mark Broadstock told the Manchester Evening News that annual profits had risen 500%.

But the business was also subject to regulatory sanctions in 2010, when the Office of Fair Trading imposed requirements relating to its use of cold calling.

Reed Smith, the solicitor firm acting for RPS RE A II LLP, said it would not comment on the situation.

Mark Broadstock, owner and director of Smooth Financial, could not be reached for comment.

According to the winding-up petition, a High Court hearing is scheduled for 19 August. However, it is unclear whether this date will change now that insolvency practitioners have been instructed.

By Alex Cardno

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