Fenton Cooper debt??? IVA land registry restriction help!

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benjiv50
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by benjiv50 » Wed Oct 25, 2017 9:57 am
Hello,

I have 2 questions;

1. Are Fenton Cooper still trading? There are 3 Fenton Cooper accounts in my IVA however I cannot find any information for them online so I can clarify amounts etc, I cant even find any info on Tessera who apparently own Fenton Cooper?

2. I'am currently approx 2 years into an IVA with Knightsbridge and am selling my house to move up north. The house has sold and the process has started and our solicitor has sent us a letter advising knightsbridge have placed a land registry restriction on the property advising that the house cannot be sold without the authorisation of Mrs XXXXX from Knightsbridge Insolvency. Due to the terrible competence of Knightsbridge, and the fact that they are telling us that once the house sells, they will instruct our solicitor to hold £11k (even though the IVA amount was around 8k 2 years ago) we want to terminate the IVA, however I need to find out what happens to the Registry restriction if we do terminate, possibly a silly question but who can tell us what would happen to the restriction?
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Foggy
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by Foggy » Wed Oct 25, 2017 10:11 am
Re the house sale. I am afraid that your IP is within her rights under the agreement to hold up the sale until she receives the £11k she is asking for. This sum would be the amount to cover the outstanding original debt, fees and possible statutory interest.

By "terminate" the IVA I assume you mean allow it to fail. I imagine, in this event, the restriction will remain on the property until the asset is realised and the creditors will still get the £11k.

Hopefully an Industry Expert will respond shortly to confirm or put me right.
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Foggy
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by Foggy » Wed Oct 25, 2017 10:14 am
Hi -- it seems that this has been answered in your previous questions. I doubt anything has changed.
benjiv50
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by benjiv50 » Wed Oct 25, 2017 10:24 am
Yes by terminate I mean allowing it to fail, write a termination letter etc. We are not happy with the way Knightsbridge are dealing with the IVA and house sale and feel they have grossly mislead us and haven't been truthful with us about the registry restriction so is it correct that even if we terminated the IVA due to these issues tomorrow, the land registry restriction still applies? I don't understand it, surely as we have chosen to terminate the IVA which we can legally do then the restriction would not apply as the original IVA restriction agreement etc would be void?
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Foggy
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by Foggy » Wed Oct 25, 2017 10:30 am
I hear what you are saying, but an IVA is a contract between you and your creditors to allow you to pay back as much of your debt as possible --- like any other contract you cannot just walk away from it when it suits. I would suggest you seek legal advice.
benjiv50
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by benjiv50 » Wed Oct 25, 2017 10:36 am
You can legally terminate an IVA though whenever you want right? I'm sure I read that somewhere, our plan would be to sack off knightsbridge, pay the creditors directly and get this restriction removed but it doesn't look like it's possible to do that so I'll contact our solicitor too, thanks for your help!
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Lisa Thomas
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by Lisa Thomas » Wed Oct 25, 2017 10:53 am
benjiv50
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by benjiv50 » Wed Oct 25, 2017 11:14 am
It seems Tessera owned F cooper and were purchased by arrow global !
benjiv50
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by benjiv50 » Wed Oct 25, 2017 12:01 pm
Can someone please clarify another issue? We have just been told by Knightsbridge that within my wife's IVA includes an account with hoist portfolio/Robinson way However this debt is not in my wife's name it is in mine and I have been making payments on it for 2 years plus, so before setting her IVA up they obviously haven't verified the debts, is this normal practice?
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Lisa Thomas
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by Lisa Thomas » Thu Oct 26, 2017 8:16 am
It depends whether your IVAs were interlocking or not or perhaps the debt was joint?

It is up to your wife to check and agree her creditors at the start of the IVA - if this was wrong she should have informed her IP.

The IP would normally only adjudicate it if they were voting or if and when a dividend became payable.
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