Can I sign over ownership of my property in an IVA?

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Johnd0111
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by Johnd0111 » Sun May 13, 2018 6:05 pm
Is it possible to sign over the ownership of a property during an IVA if there is no legal restriction put in place?
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Foggy
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by Foggy » Sun May 13, 2018 6:26 pm
It is possible, but it will fail the IVA as you will be depriving your creditors of an asset.
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Lisa Thomas
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by Lisa Thomas » Mon May 14, 2018 8:40 am
You can probably do it in practice as the restriction is not there to prevent you doing it, but legally its an asset held on trust for your IVA so you are at risk of a) the IVA failing b) being made bankrupt c) the transaction being overturned by the Trustee in Bankruptcy.

You could consider putting forward a variation to creditors to sell your share and use the proceeds as an F&F to settle the IVA early.
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Johnd0111
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by Johnd0111 » Tue May 15, 2018 5:11 pm
Thank you for the advice.
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