My personal view is that it could be either. It could be O/T or a bonus but it's also arguable that as it was not envisaged in the proposal that it is a windfall. Whether it is in the OPs interest to classify it as a bonus or a windfall depends of course on the amount and what is in the proposal. If...

As the IVA is 2 years old my immediate thought is that if the IVA can be made to work it may well be in everyone's interest, given it only has 3 years to run (as any IPO/IPA will be for 3 years). Also, on a bankruptcy the 6 year black mark will effectively start again. The right course of action to ...

All the very best to you, Andy, and all members of the forum.

Ian

Thank you Melanie, Merry Christmas to you too.

Ian

I assume the question is raised because the amount involved is significant. The protocol standard terms are woolly and vague, to say the least, on the subject: "14. After-acquired assets 14(1) Subject to the following sub-paragraph, the supervisor may claim as an asset of the arrangement any after-a...

According to Reuters: "HFC is part of HSBC Holdings but is still run out of the United States and is not part of HSBC's UK bank". So the likelihood of a connection being made is probably slim. If you do re-use your bank account I assume you won't close the Coop one (just in case!). Have you asked th...

My perception is that so long as your credit rating says IVA on it, HSBC won't want to know you. As Andy says, you must have slipped the net! There may well not be a problem but if there is, the bank that consistently gets good feedback on this forum is the Coop Bank, although whoever you bank with ...

I think what your brother should do is to fix up a meeting with a local insolvency practitioner to properly discuss his options in the light of the specific facts. A meeting should cost nothing. As Liz rightly pointed out, there are a number of options available - the one suggested to your brother d...

Well done David!

It is customary for you to start making contributions before approval as it 1. Demonstrates an ability to pay and so gives credibility to your proposal 2. Gives the IP a bit of comfort that he will get paid for his services 3. Your contractual obligations only take effect once the proposal is approv...

Combination of things really Mike,. I got that rotten flu bug about 6 weeks ago and I still haven't fully recovered, at least my chest hasn't! Also, I've been here just over a year now so I've been heavily involved in overseeing the annual report/ reviews processes etc. Oh the joys of being a sole p...

Take advice from a couple of sources. Don't give your business to anyone who cannot explain to you the various options available to you. If you only get one option explained, or if the explanation of other options is perfunctory, then you are probably speaking to a telesales person rather than an ad...

Unless I have mis-read something...... You are in IVA, spouse in DMP, NR debt owed by spouse only (or if joint included in your IVA). If you genuinely have negative equity the most obvious answer must be for your spouse to go bankrupt, unless there are valid reasons for avoiding it. If NR are going ...

Apparently not. My guess is that this notice may well have been preceded by a default notice under S 88 which, amongst other things, allows for further action including termination. 76(1) does not allow for termination - it is for enforcement only, by whatever means, and it provides for 7 days notic...

It is possible for 1 IVA to fail and then for a second to be put forward, but there needs to be chapter and verse on why IVA No 1 failed. Frankly my preference would be for you to ask your Supervisor to promote a variation based upon your now reduced circumstances. My perception here is that you hav...