Windfall

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Daviddw71

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Post by Daviddw71 » Sun Sep 14, 2014 1:17 pm
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In a joint iva does one partners windfall have to be set against both parties debts. For example A has individual debts of £40k, B has debts of £12k. If B receives a windfall of say £20k thus enough to pay off his/her individual debts does the surplus £8k go to the other partners debts, or can B keep the remainder?
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Michael Peoples

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Post by Michael Peoples » Mon Sep 15, 2014 8:43 am
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It is possible to sever the IVAs and do as you say but not all IPs take this view. It depends on the wording of your proposal and who your IP firm is.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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