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HMRC had petitioned in September for the company to be wound up because of the unpaid tax bill, and owner Nigel Russell's attempt to get creditors to come to a voluntary arrangement (CVA) where they would receive around 45p out of every pound they were owed came to nothing.
On 7 May, Drydocks World - Dubai adjourned its scheduled Directions Hearing to allow it and its syndicated facility lenders the additional short period of time required to finalise the complex suite of financial documentation necessary to support Company Voluntary Arrangement ( CVAs ) restructuring proposals.
Many will not escape their current financial difficulties: accountants KPMG predict that more than 150,000 people are likely to enter into an Individual Voluntary Arrangement (IVA), be declared bankrupt or enter into a Debt Relief Order (a new option for people with little hope of repaying debts) to be introduced on April 6.
If the industry can agree the improved voluntary arrangements in the meantime, the door is not closed, but time has almost run out.
The number of voluntary arrangements is set to increase from 37,000 to 45,000.
Shares in Debtmatters tumbled 65% yesterday, as the firm said "hardening creditor attitudes" had hit fees from individual voluntary arrangements (IVAs), which allow debt-laden consumers to clear agreed levels of debt without going into bankruptcy.
I am therefore appalled by the current proliferation of debt management companies and so-called free debt advice services that are in fact bundling people into unsuitable voluntary arrangements that provide high fees for those companies that promote them.
Voluntary Arrangements were introduced in 1986 as part of government legislation in order to provide people in financial difficulty with a second chance.
Two of the sector's largest operators, Debt Free Direct and Accuma, had issued profits warnings on Friday, sending shares plummeting across the sector as they admitted some lenders were refusing to approve IVAs - individual voluntary arrangements - which allow over- burdened consumers to clear agreed levels of debt without going into bankruptcy.
The answer is voluntary arrangements, because then the greedy can only benefit themselves by finding ways to benefit others.
To identify the riskiest sectors, ICC looked at the number of companies in each sector that were insolvent, in liquidation, receivership, administration or voluntary arrangements, or with bankruptcy filings, High Court writs or county court judgments against them.
The new system makes the existing voluntary arrangements compulsory.

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