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Hello
Hubby and I are proposing IVA's together, and it is my understanding that although not joint as such, they are treated as such in terms of expenditure and income.
Am I right in thinking that 75% of creditors for both of us have to say yes(or not vote); in which case one of us could succeed and the other not? (We have both joint debts, and individual ones)
If that happens, and one of us fails in our IVA proposal, is that person able to file for bankruptcy? i.e. one of us in IVA, the other bankruptcy?
Would the little equity in the house then be split? So we only have to raise 50% of the BI?
What about the car? Registered in one name, with one driver, but used for "family" events. So is it classed as a shared asset?
Thanks
Blue

Yes - your assumption is correct in that you both need to achieve the 75% majority vote. If not achieved either of you could petition for bankruptcy or enter into a DMP with your creditors. In bankruptcy only 50% of the beneficial interest would need to be addressed, and the car would fall into the estate of the person who actually owns it.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk