I have two clauses in my IVA. One states bonus, commission and overtime and the other is for wind falls. The first states a 50:50 share and the second says all to IVA. As these were part of employment package, which do you think the fall in to.
Also, they have a 7 year exercise option. Am I able to keep hold of them and cash, if worth anything of course, after my IVA finishes?
If you are talking about share options these would be windfalls in my opinion although your own IP may take a different view. You would need permission to join such a scheme and given that creditors would lose money as a result I do not see why they would allow it.
I think Michael was specifically referring to SAYE schemes whereas its just as common to simply be 'awarded' share options as an incentive (and this will only potnetially cost the company). IF they are share options then they are essentially worthless until you buy and sell. If you did this I think they would fall into the windfall clause. However, since you have a 7 year window you could either keep hold or stirke a deal with your creditors to share the proceeds since you don't have to excercise your option. You would need IP approval to excercise anywaya as you'll probably need a shortterm loan to buy the shares prior to selling (even if this is a mtter of a couple of hours).
IF however you have been given shares and not share options the situtation may be different
Thanks for the replies. It is the latter Badger. They are part of my salary package and would be ones to buy and sell through a broker.
My gut feel is to sit on them anyway, as some are worthless and may take years to be worth anything. I just was unsure if it felt fair to the creditors, while in the same breath wanted to maximise the benefits from them
OH had a share save scheme that had only started 2 months ago. Have stopped it as was advised the creditors would probably take the shares (as the scheme runs for 3 years only). Would rather give them £30pcm now than see them rake in extra if the shares increased in the next couple of years!!
