Can I apply for an IVA after being declared bankrupt ?

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shully
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by shully » Fri Oct 27, 2017 8:53 am
Hi guys. My creditors have applied for a bankruptcy hearing dated Nov 21. If the court agrees with them and I am declared bankrupt, can I then apply for an IVA?If yes, what happens to my bankruptcy? Any help would be appreciated. thanks
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size5
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by size5 » Fri Oct 27, 2017 9:05 am
If you are thinking about an IVA, it would be preferable to apply for one before the Bankruptcy.Can you shed any more light on the situation?

Regards.
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Foggy
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by Foggy » Fri Oct 27, 2017 10:53 am
As Size5 suggests it would be better to head off the BR by getting an IVA in place first, if circumstances point in this being the best direction. I would suggest an urgent chat with an insolvency practitioner as they might need to apply to court for a stay on the proceedings.
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Lisa Thomas
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by Lisa Thomas » Fri Oct 27, 2017 1:30 pm
You are doing it the wrong way around - you need to advice form an IP urgently to see if an IVA is the best option for you, in which case if the creditor won't agree to adjourn/withdraw then you may need to get an Interim Order from the Court adjourning the hearing to allow time for an IVA to be put together.

You can put one in pace post BKY then get the BKY annulled but it's going to get very expensive!
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