Hi Adam
There is no standard clause in your IVA proposal regarding overtime or bonuses having to be paid in because it is not guaranteed so unless your creditors put forward a modification at the creditors meeting (which they commonly do) you will not have to pay this into the IVA.
The windfall clause refers you to paragraph 27 of the standard terms and conditions - these should have been attached to your proposal, please give your case worker a ring if these were not attached. Paragraph 27 refers to "After Acquired Assets" - effectively anything you acquire during the IVA is claimable by your Supervisor (subject to certain exceptions) - therefore if you acquire a lump sum of cash from a lottery win or inheritance the Supervisor of your IVA (your IP) would claim this from you - to the extent necessary to repay your creditors in full plus any interest.
If you would like any more clarification on this point please give us a call.
A bankruptcy restriction order ("BRO") could be made against you if you were made bankrupt. Because the bankruptcy process changed a few years ago - the duration was reduced to 1 year rather than 3, the BRO was brought in to impose restrictions on people whose behaviour before the making of the bankruptcy order could be considered dishonest or blameworthy - this can include incurring debts at a time when you knew you had no reasonable chance of repaying them, being bankrupt twice in a 6 year period or fraud - for more information go to
http://www.insolvency.gov.uk/guidancele ... ro/bro.htm
Please also give us a call if you need us to go through this with you in more detail.
Hope this helps
AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com
