Giles Insurance Brokers have praised insolvency consultant Corporate Solutions for its role in saving creditors about £1m in the Ward Evans insolvency.
Giles chief executive Chris Giles said: "Corporate Solutions met the insurers that dealt with Ward Evans and let them know there was a debt situation.
"A lot of the debtors were upset by the level of debt, and it enabled us to cut a deal with the insurers."
Corporate Solutions put together a deal for the administrator which enabled Giles to purchase Ward Evans' book of business and avoid liquidation.
Giles said: "For the creditors it was worth in excess of £1m. If Corporate Solutions hadn't been involved, we wouldn't have paid for the business and if we hadn't have bought the business it would have become a messy liquidation."