Hi Katy
Is your Supervisor aware of the extent of your other debts, and how have you been servicing them throughout the IVA. It does appear that bankruptcy now may be the best way forward for you, given your misdeclaration of creditors, but take your own Supervisor's advice. It may be more beneficial to offer creditors the option of a variation or even a new IVA rather than bankruptcy, but I agree with Catallus that your credibility is seriously impaired and your Supervisor will have to really sell the commercial benefits of this to ensure any form of success.
What assets do you have which would be affected by bankruptcy proceedings, and who are the creditors which were left out of the original proposal. Also what dividend were you offering to the creditors who were included in the IVA?
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