IVA Annual Review

[MelanieGiles]

Honesty is most definately the best policy.

[Max]

Melanie,would you answer a question for my husband please? He thinks that IPs are in a similar position to solicitors in that they are Officers of the Court and that are obliged to inform the Court if blatant dishonesty comes to light in an IVA. Is he right please?

[MelanieGiles]

Well we are definately officers of the Court, in that the protection from creditors actually comes from Court, but the reporting of blatant dishonesty is more one to report to creditors. If the dishonesty was serious enough, and creditors wished the Supervisor to petition for the person's bankruptcy, then the subsequent Trustee (which could end up being the previous Supervisor) is definately an officer of the Court with wide ranging powers to investigate the matter and seek to recover assets for the benefit of creditors.

[Max]

Thank you - honesty is certainly the best policy! J