What happens if you die while in an IVA

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lue

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Post by lue » Mon Mar 03, 2008 8:20 pm
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What happens if you die when you are subject to an IVA - is there any liability to the estate?
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MelanieGiles

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Post by MelanieGiles » Mon Mar 03, 2008 8:24 pm
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Hi lue and welcome to the forum

A horrid subject to discuss, but nevertheless important. Your IVA remains binding on your estate, and monies held by the Supervisor are held on trust for the benefit of the creditors.

Any other assets would then be realised to pay off the remaining creditors under rules contained in the Administration of Insolvent Estates regulations.

If you have insured your IVA, then the insurance company will also pay out to the Supervisor at the agreed level.
Regards, Melanie Giles, Insolvency Practitioner
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