Termination of Voluntary Arrangement

[sandra]

Good Morning all,
Well things just keep getting better!!! Have now received a reply from IP who advises me that IVA was terminated in February 2006 as there were no surplus funds available after sale of properties other than to the secured creditors. It appears that one of the properties went to auction and realised a very low price despite there being at least two people to my knowledge that had made offers way above the price apparently achieved at auction. He was unable to petition for bankruptcy as there were no funds available. He states that it could be possible that a creditor will petition for bankruptcy although he could not see there would be any financial benefit of doing so. The creditor claims amount shot up another £140,000 on the original estimated outcome statement and I dont understand why. He has stated that the debts due to me were unrecoverable. The reason that I had not heard from him was that he had only one of my properties registered as my address. I had written to him giving him care of address but it appears that he did not receive this notification or message left with his office by telephone.Anyway what now?