www.iva.co.uk

Dispute regarding the firm called:
Synergi Partners (Cannot contact the Company or Insolvency Practioner by phone or email.)

Background:
I have an IVA that has been running for nearly 5 years with my wife, due to complete on 29/10/2009, but was just trying to arrange an extra years payments as the equity in the property can't be released due to the current economic climate.

Nature of dispute:
As above - can't conatct Synergi Partners or the Insolvency Practioner.
Want to know what happens to our IVA, etc if Synergi Partners have gone bust?
- Can it be transferred and what about any money paid in over the past 4/5 years, etc?

Dates of relevance:
29/10/2009 as the end of the 5th year of our IVA.

Contact names:
Synergi partners of Chesterfield where Colin Sefton is the IVA Supervisor.

Hi
We will pass this onto Relax Finance, the owners of Synergi for a response.
Regards

Hi Robinsonmd,have a new telephone number for Synergi,08009542312.Hope this helps.
Regards Blods

Andy

Is this how enquiries to the new Mediation service will be shown on the forum?

And what happened to the Synergi member of staff who posted on the forum for a brief period?

Can an insolvency firm go bust as such??

On a side note,who gains interest on monies paid to and held by IP's prior to distribution?
Obviously this could be a considerable sum.

Paul

I don't think they do go bust as such, the business will be sold to another company.

Never thought about the interest before. However, most IP's now distribute every few months once the fees have been paid, so the interest might not be as great as you think.

Nothing to stop an IP firm going bust - we are businesses just the same as any other business, and I have actually worked on an IVA for an insolvency practitioner in the past!

The interest earned on monies held pending distrubution is paid to creditors.

I assume that the biggest risk to an IVA firm is failing IVA's?? But even then IP's would normally have received payments early on for work done.
It must be pretty hard for an IP firm to go bust?

Would it be possible for a person in an IVA to allow the IP to invest the money in the pot in say an ISA and use the tax free savings to get more of a return for creditors then Mel??

An IP could not invest creditor money in an ISA - that can only be done by the individual themselves, and for the protection of creditors undistrubuted funds need to be held under an IP's custody - and to be frank we have enough to do for the ever lower fees creditors allow us to draw and this would unlikely result in any great gain as we should not hang on to money but distrubute it regularly.

I fully understand where you are coming from with regards to having enough to do Mel. Not all firms distribute the monies regularly though so I just got to thinking about how it could be safely invested to get a better return for creditors.
Does it just sit in standard bank accounts for each individual or do you have one mega account?(just once again picking your brain to allow me to gen up on the subject Mel!!!)(your brain is by far the best on here to pick!!!)

Synergi is still in existence, I received an email from Colin Sefton today at Synergi as below:

Hi Martin
Confirm Synergi is still very much in existence, regrettably our IT dept changed our telephone numbers without making provision to divert calls from the old number.

However you can contact us on the number below or on the free number 0800 954 2312.
Regards
Colin

Colin Sefton | Director / Insolvency Practitioner (IPA)
Insolvency Department | Synergi Partners Limited

Insolvency practitioners are obliged to hold their client's funds in separate bank accounts. I have over 1,000 bank accounts under my control - but other IPs will have many more! It is a full time job just keeping them up to date for two members of my staff.

thats an interesting fact melanie 1000 bank accounts wow,wish i had 1000 bank accounts with a tenner in each one.[:)]

sorry for being nosey melanie,how many members of staff do you have,just intrigued.

I have 33 people working for me Ronald.