40000 pounds

[mish1953]

I found this on the govt insolvency site
http://www.insolvency.gov.uk/pdfs/guida ... tition.pdf

It implies that you can only get an IVA if your unsecured debts are under £40000.

Its in the what will happen at Court section.

?
Hamish

[Debt Monkey]

We have an IVA, unsecured debts were £100,000!

DM

[aguise]

Hi Hamish
I had a quick look, I would say that it is only for bankrupcy and that you can only have an Ip deal with your bnkrupcy, as I think Melanie does with some, under that amount over that amount, I think it is then saying over that it goes to the Official receiver to deal with. It also says if you have had an iva.
Hope you get my drift.
Dont know if I'm right.

Ang

[mish1953]

Thanks Ang - that makes more sense

Hamish

[MelanieGiles]

This has been misunderstood. The leaflet relates to circumstances where the Court declines to make a bankrupty order upon application by the debtor, but appoints an insolvency practitioner to act in an IVA if it feels appropriate. This is extremely rare, if non-existent, and does require the willingness of the debtor.

Definately not to be confused with normal IVA proceedings!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk