It does thanks

Sorry iva4us ... you got in between then The other partner will not be getting an IVA but he will also not be paying the full debts. If you look at my previous posts you will get a better picture but in essence the IVA is as much to protect my wife from the behaviour of her former partner in the rea...

Hi

No. But that is the problem in my mind. With the additional debt it makes the proposal less attractive.

Regards

Thanks ... thought so, but it is just so frustrating when you see the actual debt doubled!

My wife has been waiting months for her IVA proposal to be drafted. The debts relate to a partnership that failed because of the other partners behaviour. I notice that her IP insists on putting the whole partnership debt in the list of creditors rather than just half. The other partner does not nee...

Thanks again. Melanie you are hitting the nail on the head from my point of view. The PVA was rejected by the other partner because he sits part time as a judge!!! The only alternative is for him to give an undertaking or secure the indebtedness whilst the WIP is recovered. He has rejected that as w...

The former partners intial attempt to merge the practice fell through at the last minute and he would have been left as principal of a medium sized firm my wife having left for her new firm. He wanted rid of my wife but wanted to ensure that any potential debt was shared with her and therefore merge...

Thanks Melanie.

Back to the drawing board by the sounds of it!

Its actually fairly straightforward. It was 50:50. My wife had discovered a number of "discrepancies" in the firms accounts and rather than dissolve and lose control of the WIP they agreed to merge the practice and my wife went her own way with her own work. The practice was merged with another firm...

So in this situation where one partner controls the majority of the WIP and has assets to cover any possible shortfall wouldnt you just accept the IVA from the other partner and get on with it?

Subrogation and contingency claims are really of no relevance to the bank ..... are they?

Hi Melanie Solicitors!!!!!!!! ..... the worst! She has had plenty of highly expensive "advice" and I picked the subrogation point up from this fantastic forum. I get more information in ten minutes on here than I have had in the last three months! Hi David Could you just expand a little on the WIP p...

Thanks Melanie, I think its strange. The bank has asset schedules confirming her former partners ability to cover any debts. The message from her IP is that he "has a duty to maximise the prospects of (any) arrangement being accepted by the creditors" but then goes on to say if any creditor takes fo...

My wifes debt problems arise from a business partnership that went wrong. Just prior to Christmas she was about to make her IVA proposal in respect of her business and personal creditors. Her former partner has the capacity to meet all of the business debts but as usual is prevaricating. The main cr...

Thanks Melanie.

Presumably if I had a partner with an IVA it would make dealings with the bank, HMRC and trade creditors a constant battle?

I notice in earlier posts that provided the correct procedure was followed a person subject to an IVA could be a company director. Would an IVA prevent a person being the director of an LLP?