Dear All
I wonder if you can help my IVA was finsihed on payments made to date and has been passed to closures.
I been sent an annual report sating that ate IVA has ended for payments etc shows all the usual details.
Once question is that there is a balance of £779.50 left after all the receipts and payments are worked out. What happens to this money should it have gone to Creditors or do GT keep it?
Hi Melanie the balance is what is left after all the net receipts and payments have been made there is already a value of non recoverbale VAT for £1,481.20 in the payments basically the report says there is receipts of £25,903.93 and all payments of £25,124.43 so the balance is £779.50 which is shwoing as sitting with the IP.
It would depend on the terms of your proposal and the modifications that have been put forward by your creditors at the initial creditor meeting.
There is a standard modification put forward by The Insolvency Exchange who represent a large portion of high street lenders that states that any funds over £200 should be distributed amongst the creditors or if the amount is below £200 the funds should be returned to the debtor with a list of persons to whom they are paid.
Best to check with your IP and the terms of your proposal. Any other suggestion would be mere speculation.
Good luck and I hope you can benefit from this potential windfall.
Hello All
I have looked through my terms and condtions it says in the terms from when Grant Thornton took it over the following.
All amouts paid into the arrangment are intended to be used to pay dividends to unsecured creditors(after payment of the costs of the arrangement). However if at the end of arrangement up to £200 remains in the scheme the supervisor may chooose to return this to you as surplus. SO as this is over £200 I assume it goes to the creditors but I dont understand why this was not done in the first place rather than leave a fairly large amount of money behind?
Your IP should not be left with cash at the end of a job, as there is a clear mechanism for how funds should be distributed. Receipts and payments accounts should always be brought down to a zero balance before cases are closed, and the Registrar of IVAs will probably not accept the closure paperwork until this is done.
Thanks Melanie I guess I had better call Grant Thronton then and see what is going on will let you know the outcome always seems to be one more thing do with my IVA.
