property company has become insolvent

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the_renegade

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Post by the_renegade » Mon May 26, 2008 11:20 pm
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I own a property company that has become insolvent and is going to leave me with large personal debts (~£140k). I can see that an IVA would help me get back on my feet but my company has one property with negative equity (~£20k) that has a 2nd charge on my own home. As a secured lender will they be able to force me to sell even if my unsecured creditors are in favour?
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Viki.W

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Post by Viki.W » Mon May 26, 2008 11:21 pm
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Welcome to the forum. An expert will be along shortly to help with your question. You're in the right place for good advice and support. Viki X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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MelanieGiles

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Post by MelanieGiles » Mon May 26, 2008 11:31 pm
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If the shortfall is secured on your house, you will have to make ongoing arrangements with the creditor concerned to pay them ongoing repayments. If you are going to propose an IVA to creditors, then these payments will need to be taken into account in calculating your disposable income.
Regards, Melanie Giles, Insolvency Practitioner
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