Phoenix CPG, which is part of the Phoenix Group, also acquired some of the assets of the network Network Data, which collapsed in 2008.
John Kelmanson, principal at Kelmanson Insolvency Services (KIS), the administrator of Mortgage Times, said: “As administrators, it is our task to realise as much value as we can from the sale of assets of the company in administration and also to realise any income streams that are due on behalf of all creditors.
“Phoenix has demonstrated that it has the expertise and facilities to enable us to meet these criteria.”
Michael Ramage, managing director for Phoenix, added that its primary concern was to ensure that the clients of the network are notified of the situation surrounding the administration.
He added: “We want to give them the opportunity to continue to receive proactive financial advice through ourselves or through those intermediaries who were ARs of Mortgage Times, but are still authorised and who wish to maintain their relationship with their clients.
Former Mortgage Times advisers who get in contact with Phoenix will be able to ring-fence their clients so they are not marketed by the new owners.
A spokesman for the Group said: “We urge advisers to be proactive. Please get in touch with proof of your link to Mortgage Times and let Phoenix know who your clients are.”
On 25 January, the FSA cancelled the permission of Mortgage Times to carry on activities after saying that it had a regulatory capital shortfall of £1m.
However, before the collapse of the firm, ARs of Mortgage Times had stopped receiving their commissions. They had been told on 21 December that the network had gone into administration.
In January, ex- Mortgage Times directors Chris May and Paul Carmody set up a financial planning and asset management firm called Carmody & May, which offers property finance, risk planning and business development services.
