worried IVA will affect my ability to practise

[c.g]

I am thinking of entering into an IVA. I am a solicitor and worried it will affect my ability to practise. I thought I would need need to disclose an IVA to the Law Society. Is that correct?
I am currently living and working in Australia as a long term temporary resident and as a result my salary has decreased from GBP64000 to just under GBP50000. I am finding it a struggle to meet my repayments (GBP1000 approx per month - I owe around GBP54000 to 4 creditors) and have enough to live and pay bills. My net monthly salary is GBP3000. Would an IVA be suitable?

[ianmillington]

See this link

http://www.hfw.com/l3/new/newl3c029.html

It would seem that you need to notify the Office of Supervision of Solicitors. There is little likelihood that your entitlemnent to practise per se will be suspended, but it would have an impact on your ability to be a sole practitioner.

Hope that helps

Ian

[c.g]

Thank you Ian.

Can you tell me what the next step is to find out about suitability for my circumstances?

C.G

[ianmillington]

Basically you need to firstly speak to an Insolvency Practitioner who will assess your income and expenditure and get a feel for your overall financial situation. It is necessary to demonstrate that there is a realistic prospect of acceptance and of it actually working for you.

I would suggest an IVA would probably be suitable for you. However, to enter into an IVA you need to be able to meet the requirements to present your own Bankruptcy petition. I need to know how long you have resided in Australia please. Depending on how long it is you may need to do it under Australian legislation.

Ian

[c.g]

Again thank you. Such a relief to get some information. I have been in Australia for a year on 15 February. Before that I lived in the UK for 16 years. I am British.

C.G

[ianmillington]

Then you can do an IVA.
Your next step is to contact an IP


Ian