can a creditor request that we go bankrupt?

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Post by cheryl.ra » Thu Sep 23, 2010 11:23 pm
we are in the 4 year of our IVA and we have to try to increase out mortage for £10k,and our mortage company will not lend us any more.
One of our creditors has now requested that we now go down the bankruptcy route, can they do this ?


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Post by Lisa2009 » Thu Sep 23, 2010 11:27 pm
Its highly unlikely that you will be made bankrupt.
If you cant raise the funds for remortgage then a meeting of creditors would probably be called and either your IVA will be extended for a further year or it will conclude.

Check in your original chairmans report and see what exactly it says with regards to the final year remortgage.
Failing that, have a chat with your IP who should be able to put your mind at rest. 'Our Story'

Nil carborundum illegitimi


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Post by MelanieGiles » Thu Sep 23, 2010 11:36 pm
Well they can ask! But you can say no. And if they really want you to go bankrupt they can bear the costs themselves and petition as a creditor.
Regards, Melanie Giles, Insolvency Practitioner
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