Will administrators agree an IVA ?

[l.b]

My company is in Administration and the IP is dealing with my personal stuff is that a good idea. I have a few PG's given which if the Administration cant recover the money will use my PG's to get the money. One is a Loan of £100k secured on my home. The home has £100k of equity and is through a Lloyds Bank. They have a charge on the property. Will they entertain an IVA and include them in it as the house is falling in value and their is negative equity now because of the charge with only £80k of equity at the moment. Plus various other cards, loans, PG's etc the total is about £200k including the lloyds loan. Am I stuffed? What can I do ? The Company Administrator may not be acting in my interest as they want to recover money for the creditors..

[Viki.W]

Welcome to the forum, please hang in there, an expert will be along to advise you. X

[kallis3]

Welcome from me too.

[pixie]

Hi lb welcome to the forum, one of the experts will be along soon.
secured debts can't be entered within an IVA, only unsecured.

[Steve Austin]

So there is little point doing an IVA to secure my home when the bank will take the charge and get the money from the house, I might aswell be bankrupt

[Cybus]

I think there may also be a conflict of interests in having the IP deal with both your Corpoarate and personal affairs, particularly as you say you have Personal Guarantees which are likely to be called upon.
I think I would be inclined to go elsewhere to deal with your personal affairs.

[MelanieGiles]

I agree with Cybus. The Administrator has different duties in an Administration than an IP would acting for your personally, and it would be better to seek independent advice - as if you feel the Administrator has not sold the assets at their true value in the future, and your PGs are called upon, this could mean that you end up taking action against the person who is looking after your own financial affairs.

[Steve Austin]

Thankyou for that good advice