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Posted: Thu Apr 15, 2010 10:16 pm
by 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?
Posted: Thu Apr 15, 2010 10:24 pm
by 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?
Posted: Fri Apr 16, 2010 12:09 am
by 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
Posted: Fri Apr 16, 2010 9:14 pm
by 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?
Posted: Fri Apr 16, 2010 9:20 pm
by markss
I think it said about the IP reserving money for br. surely they would only resort to that as a last resort.
Posted: Sat Apr 17, 2010 1:33 am
by MelanieGiles
More importantly - check your actual IVA proposal as this is where the requirement to bankrupt is likely to be if anywhere.