This really depends on how it is treated. If it is deemed a windfall you will lose the lot but if treated as income under the 10% 50/50 rule you would get to keep some. You could even calculate it had it been paid monthly meaning even less would be payable but discuss this with your own IP.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
This really depends on how it is treated. If it is deemed a windfall you will lose the lot but if treated as income under the 10% 50/50 rule you would get to keep some. You could even calculate it had it been paid monthly meaning even less would be payable but discuss this with your own IP.
I would suggest this too; calculate what you'd have been entitled to keep if the party had been paid correctly; it's only fair in my view.
I've actually turned down a new job with higher salary and bonus because I worked out a quarterly bonus would mean I'm several thousand a year worse off because of the way the 10/50/50 works.
It's a shame as it would have been a great career move.
It is a shame that a persons career is halted from progressing because of an IVA. There should always be an incentive to better yourself when in an IVA