Is it possible to set up an IVA and exclude business debts which are owed to me ?

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Oscair

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Post by Oscair » Sat Feb 28, 2015 5:40 pm
Hi,
I am owed money by a business which is not a Limited Company. The business is in the service sector and operates as XYZ & Associates. The principal of XYZ & Associates has setup an IVA in Northern Ireland but I have not been notified. I have contacted the IP who informs me that the debts of XYZ & Associates are excluded from the IVA. As the debts of XYZ & Associates are personal debts is it possible for someone to setup an IVA and exclude the debts of their business when it is not a Limited Liability entity
 
 

Foggy

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Post by Foggy » Sat Feb 28, 2015 5:45 pm
I would not have thought so -- but we will wait for an expert to comment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

lifenoteasy

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Post by lifenoteasy » Sat Feb 28, 2015 7:31 pm
Would need to know more about the type of debt, the nature of the business, whether was sole trader, Ltd, LLP etc.

It could be possible that the business debts were deliberately set aside to allow the business to continue trading - however that means that the business is directly liable UNLESS it has entered into a company IVA.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Michael Peoples

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Post by Michael Peoples » Sun Mar 01, 2015 12:14 am
Even if the debts are to be repaid you should have been notified. For example if a partner enters an IVA for personal debts the creditors of the partnership must be informed even if they are excluded and will be repaid.
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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