told she must 'Auction' her property

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r.jn

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Post by r.jn » Wed Apr 02, 2008 10:22 pm
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My friend has been told she must 'Auction' her property under the terms of her IVA.She also is now earning more money and wants to increase her payment.Shoul this be possible.
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Adam Davies

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Post by Adam Davies » Wed Apr 02, 2008 10:25 pm
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Hi
It is unusual for this to happen.
The IP can't enforce this,although not complying may mean the IVA will fail.
Can you give more details ?
Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Wed Apr 02, 2008 10:36 pm
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As Andy says, unless the IVA gives the IP express powers over the debtor's property (unlikely) she cannot be forced to auction - although the IP can fail the arrangement if she is in default. Do you know what the current position is?
Regards, Melanie Giles, Insolvency Practitioner
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