Bonus Payments in Bankruptcy

[louisa.s]

Just wanted to ask this random question on the hypothetical basis (ie if we are not aloowed a variation meeting or our proposal gets rejected) If we were to go bankrupt how does the OR work out the monthly payments if their is a bonus involved? Is it done on the same basis as the IVA ie 50% or do they take it all each month?

Just want to be clear on all the info first, forewarned is forearmed etc

[MelanieGiles]

If bonuses form part of your regular earnings, then they will be taken into account for the purposes of calculating your net salary. If they are occasional they will not.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[louisa.s]

At present he makes bonus about 10/11 months of the year usually from March/April to January so based on that would I be right to assume that they would be taken into account for calculating net salary?

[MelanieGiles]

Correct!

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp