Interlocking IVA

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e.h

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Post by e.h » Thu Jul 17, 2008 5:57 pm
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Hi - I have a theoretical question please.

If you and your spouse/partner have an interlocking IVA and one of you wants to declare themselves bankrupt but the other wants to stay in the IVA - can this be done?

Thank you

Liz
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Kazzy E

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Post by Kazzy E » Thu Jul 17, 2008 6:40 pm
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Hi Liz, I am no expert, but as I understand it, I think IVA's are interlocked if some of your debts are joint, therefore if one of you goes BR, would that then leave the other person responsible for the debt? I think it would in a case where the other party wasn't in an arrangement but I would be interested to be corrected on this question as I would like to know the right answer also. Kazzy x
There is light at the end of that dark tunnel. Promise.

Visit my blog at: http://kazzy.blogs.iva.co.uk/
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MelanieGiles

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Post by MelanieGiles » Thu Jul 17, 2008 7:28 pm
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Yes this is possible Liz, but your IP would need to separate the two out, and the surviving partner would need to ensure that they dividend that was offered to creditors could be preserved where possible.

What reasons are there for your enquiry.
Regards, Melanie Giles, Insolvency Practitioner
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e.h

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Post by e.h » Thu Jul 17, 2008 7:37 pm
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Hi Melanie

Thanks for your reply. I was just curious. You know when you just sometimes sit and think about things and think "I wonder what would happen if .....".

Thanks again

Liz
x
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