Glasgow-based Wbg has acquired the insolvency book of accountancy giant Azets for an undisclosed sum.
The deal comprises trust deeds, debt arrangement schemes, and sequestrations for hundreds of individual cases with a “significant” book value.
And Wbg declared that the acquisition highlights its ability to scale up “considerably” as a result of the infrastructure it has developed to serve the insolvency sector over the years.
Chief operating officer Donald McKinnon said: “We’re delighted to have concluded this substantial purchase from Azets, whose personal insolvency clients can be assured they will receive the same high levels of professional service as they enjoyed with Azets.
“This deal bolsters our reputation as one of the leading personal insolvency advisors in Scotland – testament to which has seen us win the contract with Accountant in Bankruptcy (the executive agency of the Scottish Government charged with administering the process of personal bankruptcy and recording corporate insolvencies in Scotland) for an unprecedented fourth time in succession and retain it for some 14 years, the longest period ever held by any firm.”
Blair Milne, a restructuring and insolvency partner at Azets, said: “We are pleased to see our Scottish personal insolvency clients move to Wbg, a well-established Scottish firm with a strong track record in personal insolvency.
“This transition allows us to further invest our resource into growing our core restructuring and insolvency service offering in Scotland and beyond, while ensuring that our Scottish personal insolvency clients continue to be supported by a team with deep industry knowledge and expertise.”
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