Shortfall due to property market

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Bengy

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Post by Bengy » Wed Jul 30, 2008 12:21 am
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Hi,

I am currently in an IVA (17 months). I own some investment property which are part of the arrangement.ie when the properties are sold the funds go into the arrangement. Due to various contracts etc the properties could not be sold at the time of the IVA being set up. Now the property market is low the value of the properties has dropped. The current values will not realise sufficient funds to pay the agreed percentage. I cannot afford the extra funds to meet this shortfall. Could I potentially be made bankrupt as I will not satisfy the original agreement?

Keep up the great work on this forum it certainly helps people like me who got ourselves into this mess and knowing there is someone who cares.

Bengy
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MelanieGiles

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Post by MelanieGiles » Wed Jul 30, 2008 1:11 am
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You would really need to discuss this issue with your own IP Bengy, as they have detailed knowledge of your case and would be able to advise whether a variation would be sensible to accomodate the loss in values - which of course is through no fault of your own.

And keep posting those queries, as we love responding to them.
Regards, Melanie Giles, Insolvency Practitioner
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Bengy

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Post by Bengy » Wed Jul 30, 2008 9:39 pm
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Thank you Melanie,

I will be putting one of the properties on the market later this year and see what that realises. I can then see where we are. My IP will also know at that time the situation as there are figures in the agreement.

I will keep you posted when this happens.

regards

Bengy
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