Oryen Mortgage Packagers has become the latest victim of the credit crunch after the firm placed itself into voluntary liquidation.

On Monday the firm consulted with an insolvency practitioner and it was decided that voluntary liquidation was the best option for the firm going forward.
Oryen, which was also a member of the Association Mortgage Packagers and Distributors, had been going for 10 years after it was started in July 1998.

As part of the rules surrounding liquidation the firm is able to enter into a commercial arrangement with other firms to deal with its pipeline business.

Andrew Hewitt, operations director of Oryen, says: "It really was something that we felt honour bound to do purely because with the amount of products left for us to package and sell, we didn’t see any future in the short term to continue.

"So we took advice and it really was a question of whether we invest more of our personal money. But with no upturn in sight decided it was best to place it into voluntary liquidation.

"We are confident that pipeline business will see completion and we will obviously safe guard brokers.

"My personal opinion is that I don’t see that there is any room for packaging as we’ve known in the next 12 to 24 months because the profit margins aren’t there.

"When there is nothing left to sell where do you go?"



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