I'd be very surprised if your Supervisor didn't let you keep it. Even in the most basic definition a windfall implies some sort of gain, which really isn't the case here. However I would acknowledge that so far as an IVA is concerned there is little written in stone, and to come back to Melanie's original point, it can depend upon the proposal.
However, to put your mind at rest, assuming your IVA is subject to the R3 terms (which being 2 years old it may well be) the relevant terms are:
"26 . Arrangement assets
Property other than Excluded Assets belonging to or vested in the Debtor at the date of
commencement of the Arrangement which would form part of the Debtor’s estate in a bankruptcy shall be subject to the Arrangement and be an asset thereof.
27. After-acquired assets
(1) [After-acquired property subject to Arrangement] Subject to the following Sub-paragraphs, the Supervisor may claim as an asset of the Arrangement any Property acquired by the Debtor between the commencement date of the Arrangement and the date of its completion and/or termination which would have been capable of being an asset of the Arrangement if it belonged to or was vested in the Debtor at the date of commencement of the Arrangement (“After-Acquired Assets”). Any such asset shall be subject to the Arrangement and be an asset thereof.
(2)[Limit on assets which may be claimed] Sub-paragraph (1) shall not apply to:
(a) such equipment, stock or other effects as are necessary to the debtor for use personally by him in his employment, business or vocation;
(b) such clothing, bedding, furniture, household equipment and provisions as are necessary for supplying the domestic needs of the debtor and his family.
(3) [Proviso for excess assets] After-Acquired Assets shall only be sold or realised to the extent necessary to repay the Creditors in full together with interest, if any, to which Creditors are entitled pursuant to the Arrangement."
You will note from clause 26 that bankruptcy rules are applied, thus if an asset could not form part of the bankruptcy estate the starting point is that it cannot be an arrangement asset either.
Hope this helps
ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk