received a bonus and wife has been made redundant

[Pbryan]

In an IVA and wife has just been made redundant.I have also received a bonus £3,000 of which 50% should be paid to my IP at annual review (July)As my wife is now out of work and not earning, will I be allowed this 50% to suppliement her non earnings??

[MelanieGiles]

Hi Pbr and welcome to the forum

This will depend upon whether your wife has received any redundancy money. If she has, then she must use this to supplement the loss of her earnings until she finds another job. In which case you should pay the 50% over to the Supervisor.

If she has not received a severance payment, then your share of the bonus should be used firstly to meet her shortfall. I would then ask your Supervisor if the creditors 50% could be retained, in the event that she still was not in work by the time her redundancy and your 50% bonus share had been exhausted.

Common sense prevails here with regard to your Supervisor's ultimate decision, and I am sure that you will find him/her to be sympathetic given your circumstances. Let us know how you get on.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk