Melanie you are hitting the nail on the head from my point of view.
The PVA was rejected by the other partner because he sits part time as a judge!!!
The only alternative is for him to give an undertaking or secure the indebtedness whilst the WIP is recovered. He has rejected that as well and hence the IVA.
I think there has to be more oversight of the WIP realisation. There is also the question of at least £100K removed from the partnership without my wifes knowledge over a five year period. I think a firmer line other than "it will be taken into account" needs to be adopted. (She instructed solicitors to recover but the costs quoted were prohibitive)
I am making enquiries as to alternative IP's today.
Let us know how you get on. From an IP perspective this is an interesting case, and I feel your wife needs more support than she is getting on a professional level.
Melanie is right - glad you are going to see another IP - keep us all informed
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
