am I better off going bankrupt?

2 posts Page 1 of 1
Post Reply
 
 

stretchy

User avatar
Posts: 1
Joined: Tue Jun 12, 2007 8:00 pm
Location:
Post by stretchy » Tue Jun 12, 2007 8:01 pm
Quote
I am a sole trader and my business is in debt to the tune of £180k. I have an offer for sale of the business of a much smaller amount and i was hoping to sell it and then make an offer to the creditors for f&f.
How much would I need to raise. I have been told that I need to raise at least 40% of the £180k debt for iva to be accepted - am I better off going bankrupt?
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Tue Jun 12, 2007 8:09 pm
Quote
The general percentage is 25% plus IP costs (approx £6,000) - unless you have HSBC as a major creditor who require a 40% return.

What is the level of offer made for your business?

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
Regards, Melanie Giles, Insolvency Practitioner
Top
Post Reply
2 posts Page 1 of 1
Return to “IVA postbag for june”