If my IVA fails can I stop bankruptcy proceedings by paying all debts in full ?

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Martin.30

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Post by Martin.30 » Wed Dec 11, 2013 4:02 pm
If my IVA fails and my supervisor pushes for bankruptcy, can I stop this by paying all debts in full ?
 
 

ClareSilver

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Post by ClareSilver » Wed Dec 11, 2013 4:14 pm
Bankruptcy can be annulled if all debts are settled in full.
 
 

Michael Peoples

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Post by Michael Peoples » Wed Dec 11, 2013 5:10 pm
It is unusual for a supervisor to petition for bankruptcy unless HMRC instruct this. Usually creditors just ask for the IVA to be failed and they can then restart the collection procedures.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Wed Dec 11, 2013 9:17 pm
Where would you be getting the money from Martin? If you have the ability to do this now, it makes no sense to take the risk that you may be made bankrupt - that process is very expensive.
Regards, Melanie Giles, Insolvency Practitioner
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