Fast Track IVA

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stam

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Post by stam » Fri Jun 22, 2007 11:48 am
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Hello All
Have been reading some interesting literature about fast track IVA. (www.insolvency.gov.uk) My understanding of this is that it is possible to enter into this when Bankrupcy proceedings have begun. If the official receiver agrees to take the role of IP then a fast track IVA can be proposed. If the creditors agree to the proposal the B Order is then be anulled. Seems that the fast Track IVA proposal can be flexible with regards to duration of IVA (can be longer to meet creditors demands if necessary)

Just wondered if anybody had any comments or experience of going through a Fast Track IVA

Thank you [;)]
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MelanieGiles

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Post by MelanieGiles » Fri Jun 22, 2007 10:17 pm
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You can only avail of a Fast Track IVA if you are already bankrupt, and the OR has to act as nominee and supervisor. They are actually quite rare, as most people when they are bankrupt are content to stay in that procedure and just await to be discharged.

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
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