Creditfix insolvency practice announces North American expansion

The UK’s biggest personal insolvency practice, which has supported more than 141,000 people on the verge of bankruptcy, is set to move into the North American market.

Creditfix – headquartered in Glasgow, Scotland – has unveiled plans to open a new office in the heart of Toronto, Ontario. Initially, Pearse Flynn, chairman of Creditfix will take responsibility for the Canadian Operation until a local senior team is appointed.

A newly-formed team of personal insolvency specialists will arrange Consumer Proposals for householders struggling with debts of up to $250,000 across Canada.

Already well established in the UK personal finance market, Creditfix will bring 70 years’ experience, industry thinking and technology to its Canadian division.

Commenting on the move, Pearse Flynn, Chairman said: “With bankruptcies on the decline, Canada has seen the number of Consumer Proposals rise over 300% from around 20,000 to 60,000 in a little under a decade. We expect this upward trend to continue, as householders owing thousands-of-dollars in credit card and loan repayments benefit from this type of agreement.

“Creditfix has arranged thousands of equivalent agreements in the UK, and we are now looking forward to bringing our group-wide expertise, resources and a commitment to innovation to Toronto. The city is the perfect base for our North American division, thanks to its thriving financial district, a top university and proximity to major US cities such as New York.”

With plans to expand its team to 60 people, he added: “As a company, we pride ourselves on creating quality workplaces for our staff to thrive and the Toronto office will be no exception. Creditfix has been named one of the best companies to work for in the UK, and we are determined to hire talented personal finance professionals, capable of helping people avoid bankruptcy and all it entails.”

Alongside its Glasgow and Toronto offices, Creditfix also operates from Manchester, Carlisle and Birmingham in the UK, as well as Mauritius in Asia.