Hi clem and welcome to the forum. A morbid subject but one which you ought to have had explained to you.
As the IVA proposal is a contractual document, the issue of death whilst subject to an IVA ought to be covered within the terms and conditions. It is usualy for assets which have been realised and held by the Supervisor on trust, to be held specifically for creditors bound by the arrangement. The Supervisor will thus distriubute the money already collected, and close the case.
If you have no death provisions within your proposal, then the IVA will be brought to a conclusion and your estate dealt with under the Administration of Deceased Insolvent Estates legislation - basically your creditors will get paid out of the estate before your beneficiaries.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
