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Posted: Wed Feb 18, 2015 5:18 pm
by Louise.g
Can you have an iva if you're a bankrupt.
Posted: Wed Feb 18, 2015 5:51 pm
by Foggy
No, and you would not need one as you will have no debts to roll into the arrangement.
Posted: Wed Feb 18, 2015 6:53 pm
by Michael Peoples
You can get an IVA to get you out of bankruptcy but once discharged you cannot apply for one. The IVA will annul the bankruptcy once approved but this is a specialised area and you need expert advice.
Posted: Wed Feb 18, 2015 7:23 pm
by Foggy
Ah. Thank you Michael. Hadn't thought of using the IVA to annul the bankruptcy (as you say, could be a bit of a minefield). I was imagining a completely different ( and altogether unlikely) scenario .
Posted: Thu Feb 19, 2015 8:53 am
by Michael Peoples
It is a bit complicated Foggy but we have done a few. It is certainly better [and much cheaper] to get the IVA in place before the bankruptcy order is made!
Posted: Thu Feb 19, 2015 10:41 pm
by Robbieboy
This is a question on my mind as I know someone who has done just this - bankrupt in August and IVA in December??