if an IVA fails does the IP automaticaly file for

[howard.ssxx]

if an IVA fails does the IP automaticaly file for a BR against you? what normaly happens and can you revert to a DMP?

[kallis3]

Hi,

If your IVA fails, unless it specifically states it in your chairmans report, your IP will not file for bankruptcy, You can revert to a DMP.

Are you having problems with your IVA Howard?

[Adam Davies]

Hi
As Jan states it is very unlikely that creditors will file for your bankruptcy due to the costs involved, unless you have assets that can be realised
Regards

[Julie]

Hi - I agree with Jan,check your report to see if there's a clause which states your IP reserves funds for BR.

If the IVA fails you can try a DMP or petition for BR yourself, but basically you are back to square one with your creditors.

Are you in an IVA?

[markss]

I think it said about the IP reserving money for br. surely they would only resort to that as a last resort.

[MelanieGiles]

More importantly - check your actual IVA proposal as this is where the requirement to bankrupt is likely to be if anywhere.