Paul Carter, boss of acquisitive personal debt management group Debts.co.uk, reckons he has more to celebrate these days than the company’s successful £2.7 million share placing and takeover of fellow sector player PB Recovery. Last year’s agreement between insolvency practitioners and the banks paved the way for a streamlining of procedures and widening of margins in the insolvency business and, with ‘simplified’ individual voluntary arrangements on the cards for next year, Debts.co.uk is looking to spread its wings.

Midlander Carter has not always found it easy to explain what he does. He recalls many years ago visiting his girlfriend’s grandparents and describing how he earned his living as a budding insolvency practitioner.

The grandfather, being somewhat deaf, asked the grandmother to explain. ‘He’s involved with glue, dear,’ she replied.

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