Large debt buyer Portfolio Recovery Associates, Inc. (Nasdaq:PRAA) announced today that it has completed its acquisition of Aktiv Kapital AS, a Norway-based debt buyer of accounts throughout Europe and Canada. Effective today, the combined companies will be known as PRA Group.
Addressing what it termed “a deluge [that] has swept through U.S. bankruptcy courts of late,” the 11th Circuit Court of Appeals in Crawford v. LVNV Funding, LLC last week held that filing a proof of claim on time barred debt is conduct that violates the Fair Debt Collection Practices Act (FDCPA).
A former employee of the state of Florida revealed Monday that the Sunshine State’s economic development office referred thousands of cases to debt collectors that were not eligible for such actions. She went public with the allegations after winning a $250,000 settlement with the state in April over wrongful termination in a whistleblower case.
Weltman, Weinberg & Reis Co., LPA (WWR) is excited to announce the selection of Scott D. Fink as the new Business Unit Leader of WWR’s Bankruptcy Practice Group. Scott has been an attorney for more than 17 years, handling bankruptcy matters with WWR for more than 9 years.
Encore Capital Group, Inc. (Encore), an international specialty finance company (NASDAQ: ECPG), Tuesday announced that it has closed its acquisition of a controlling stake in Grove Capital Management, a management company that purchases credit portfolios and has a focus on UK insolvencies and Spanish assets. The acquisition has received regulatory approval from the Financial Conduct Authority in the UK.
In the latest exchange in an increasing arms race among public U.S. debt buyers, Encore Capital Group said it acquired a controlling stake in a debt purchaser in Latin America and a UK-based firm that handles bankruptcies in that country.
Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a financial and business services company operating in the U.S. and U.K., today announced the acquisition of certain operating assets from Pamplona Capital Management, LLP (PCM).
Of the Top 50 Creditors listed in bankruptcy filings for 2013, 15 were debt buyers and/or collection agencies. Accounts receivable management firms were named in 16 percent of listings attributed to the Top 50 organizations.
Bankruptcy filings totaled 1,032,326 nationwide for calendar year 2013, a 13 percent decrease from the 1,186,137 total filings in calendar year 2012, according to the American Bankruptcy Institute (ABI).
The New York Times Thursday ran a lengthy investigative report on one of the largest student loan guaranty agencies in the country and their practices related to rare bankruptcy petitions to expunge student loans.