www.iva.co.uk

I am currently in an 2 year IVA which if not met has a bankruptcy clause. I am 18 months into the IVA and the debt originaly came from a business I had that was not Ltd. Customs & Revenues said no to the IVA at 41p from the start for little to no reason and the amount I owed them was £116,000 with another £33,000 estimated. Between my then FC, accountant and IP and I can't say who as I am not sure but I was told that the £33,000 was an estimate from the tax office for the period my business ended to the end of the financial year. Anyway the IP just put the £33K to one side and allowed there vote just on the £116K which gave them 23.9% of the vote. I won the Vote on 75.26% of the votes originaly and payments were made, however I fell behind and put in for a change to the IVA which was accepted by everyone except the Customs & Revenues, again the £33K was treated as unproven and I got the IVA ammendment through on 76.4% this time. My problem is the Customs & Revenues have just said prove I don't owe the £33K so my accountant checked the old Sage accounts system and said yes I do owe them this money because it was from PAYE payments that at the time my FC said had been sent but they infact had not been sent to them at the time.

Obviously at the time of the original IVA I had a Financial Controller and three other people in accounts so I did not get involved I was just presented with accounts like most other business people.

The IP is now trying to bankrupt me and I would like the opportunity to talk to credittors and try to do a deal outside of the IVA but he says this is not possible as per the contract.

Given the fact that the £33K always should have been included and that I was not advised of this, can I dispute the IVA and get out of the bankruptcy clause. This would give me an opportunity to investigate other avenues?

Hi Repro
What are you doing now / what type of job / do you have a house / equity position etc.

WHile if is good to try to find a way through this it might also be Very useful to prepare for the worst situation just in case.

Also just a thought - If you were made Bankrupt you could propose an IVA while in Bankruptcy - and therefore include he 33k debt although the revene may have a significantly higher % of debt now so you would need to be paying nearer 100% of the debt than before.

The costs here are likely to be - ( estimated costs)
16 months in the IVA @ £2200 per month £35,200

Total debt £116,000 PLUS £33,000 = £149k
Less contributions made £35k - fees = £29k

Total remaining debt = £130k

so my guess is that to have any chance of an IVA out of Bankruptcy being accepted you need to pay a decent chunk of this off - Melanie could give ideas but my gut would be the same sort of contribution as now but for at least 3 years.

I have made some assumtions and done some homework on this but have no personal knowledge of VANTIS PLC.

Hope this helps , but lets see what Melanie says tomorrow

DID YOU DELIBERATELY NAME THIS COMPANY TO TRY TO MAKE THEM LOOK BAD, I WON'T BE USING THIS SITE AGAIN!

Repro, the foum isnt about making anybody look bad. Everybody here just wants help and support or wants to offer it to others from their own experiences

Hi repro
thought that if we discussed the IVA company the one of the professionals may know someone there and then maybe able to help you.

certainly nothing in my comments that make them look bad. They are probably just folowing dirctions from the your creditors. So maybe some help and intervention on your behalf from a forum expert might just help you get back control.

Again I would say that melanie is probably well placed for a phone call on this

As you are already in an IVA then you are bound by the terms of tha. I have to say that I find your post very difficult to understand, but suggest that you try and get your accountant and your IP to work together on this matter with HMRC.