Can a contingent creditor be added to IVA ?

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Bazza76

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Post by Bazza76 » Thu Nov 20, 2014 10:33 am
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I am some years into an IVA serving as a director of a Ltd company which is the owner of a pub company tied lease. I personally guaranteed the lease some years ago but the AGA has not been included in the IVA as a contingent creditor. Can a contingent creditor be added to the IVA after some years and are there any consequences? Does our IVA offer any protection from bankruptcy should we become liable to debts from the pub company.
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Foggy

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Post by Foggy » Thu Nov 20, 2014 10:39 am
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As far as I am aware a personal guarantee should be included as a contingent. Was this mentioned to your IP at the outset ?

It could be included at a later date, subject to certain limitations and provided it doesn't overly effect the projected dividends.

The IVA will not offer protection for debts outside of the arrangement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Michael Peoples

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Post by Michael Peoples » Thu Nov 20, 2014 10:52 am
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The lease holder will have been notified of the IVA at the time and therefore you should be protected in the event of default. Contingent creditors must be notified and are bound by the terms.
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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