Fees for a failed IVA

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Chris.15
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by Chris.15 » Fri Sep 28, 2018 9:17 am
What fees are the insolvency practitioners entitled to of my IVA fails and I am then served a bankruptcy petition. I have sold my assets to successfully pay all me creditors in full effective cancelling the petition and avoiding bankruptcy.
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Foggy
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by Foggy » Fri Sep 28, 2018 9:53 am
Normally their fees some out of the payments you make -- but you have circumvented this by paying your creditors direct, it would seem. Generally they are entitled to a cut of the debt you repaid, as per your agreement with them (assuming they have the fees paid by percentage, as most do), plus the nominees fee. So, if the IP was minded to pursue the matter they could demand that amount from you instead as you will have broken the terms of the contract.
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Lisa Thomas
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by Lisa Thomas » Fri Sep 28, 2018 10:50 am
We won't be able to tell you as it depends on their T&Cs and the contract you agreed with the IP...
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