Help with some issuses

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ashbock123
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by ashbock123 » Sun Sep 24, 2017 1:43 pm
Hello there all know me and waiting till Monday for result have a few shares with business work with doesn't matter if haven't declared them as can't sell them and should I try to sell some that I do have available next week and withdraw money from bank once gets paided in
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Foggy
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by Foggy » Sun Sep 24, 2017 2:06 pm
The shares should have been declared as potential assets and it would be for the IP and creditors to determine how they should be treated with a view to saleability and value. You could, possibly, make the sale next week and shift the funds .. but, should this come to light the IVA might be in jeopardy.
ashbock123
Posts: 64
by ashbock123 » Sun Sep 24, 2017 3:07 pm
Foggy wrote:
The shares should have been declared as potential assets and it would be for the IP and creditors to determine how they should be treated with a view to saleability and value. You could, possibly, make the sale next week and shift the funds .. but, should this come to light the IVA might be in jeopardy.


Should I just leave them where they are then and forget about them only worth about £1200
ashbock123
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by ashbock123 » Sun Sep 24, 2017 3:08 pm
Only just remebered I had them
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Foggy
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by Foggy » Sun Sep 24, 2017 3:55 pm
It depends on whether you want to run the risk of them being discovered over the next 5 or 6 years and be worried about them coming to light. Personally I don't think my nerves would stand it !
ashbock123
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by ashbock123 » Sun Sep 24, 2017 3:59 pm
Ok I totally forgot about them too be honest will let them know tomoz. Will I get in trouble as totally forgot about them till just now
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Foggy
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by Foggy » Sun Sep 24, 2017 4:37 pm
ashbock123 wrote:
Ok I totally forgot about them too be honest will let them know tomoz. Will I get in trouble as totally forgot about them till just now


Genuine mistakes do happen so you shouldn't get into trouble.
ashbock123
Posts: 64
by ashbock123 » Sun Sep 24, 2017 4:55 pm
Will they ask me to sell the ones I can and give them half
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Foggy
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by Foggy » Sun Sep 24, 2017 5:52 pm
ashbock123 wrote:
Will they ask me to sell the ones I can and give them half


As an asset they might ask you to sell them, but will probably want all of the proceeds. It will depend on how your IP wishes to deal with them. If they are low value they might just exclude them, but I would figure on them being sold.
ashbock123
Posts: 64
by ashbock123 » Sun Sep 24, 2017 6:22 pm
I have 300 shares can sell 181 now rest locked in for another year and have 240 can buy with the share sheme as just finished paying in. Should I just offer to sell them and pay all to them don't quite no what to say when call them as creditors meeting has just gone and didn't hear result on Friday will hear tomoz
ashbock123
Posts: 64
by ashbock123 » Sun Sep 24, 2017 7:26 pm
Foggy wrote:
ashbock123 wrote:
Will they ask me to sell the ones I can and give them half


As an asset they might ask you to sell them, but will probably want all of the proceeds. It will depend on how your IP wishes to deal with them. If they are low value they might just exclude them, but I would figure on them being sold.


Should I be worried at all foggy how should I mention it in call to cf shall I call them and speak to my ip name that is part of my case instead of office staff
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Foggy
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by Foggy » Sun Sep 24, 2017 7:46 pm
I would hope it can be sorted out with little hassle, just by you undertaking to sell them and pay the money into the IVA, if that is what is required. I doubt you would be able to speak to the IP direct and will have to deal with the worker who picks up the phone. Just tell them that you have, over the weekend, realised there are some shares sitting in the back of a drawer somewhere which you overlooked and they will take it from there.
ashbock123
Posts: 64
by ashbock123 » Sun Sep 24, 2017 8:00 pm
Foggy wrote:
I would hope it can be sorted out with little hassle, just by you undertaking to sell them and pay the money into the IVA, if that is what is required. I doubt you would be able to speak to the IP direct and will have to deal with the worker who picks up the phone. Just tell them that you have, over the weekend, realised there are some shares sitting in the back of a drawer somewhere which you overlooked and they will take it from there.


Ok thanks mate will contact them in the morning and mention to them would sell them and hand money straight to them. Totally forgot about my shares until someone at work said did they ask you to sell shares as assets and said oh crap forgot about the shares i had as got them free a few years back and sold first lot coils sell over a year ago
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Michael Peoples
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by Michael Peoples » Mon Sep 25, 2017 9:06 am
If you get free shares these can be dealt with in the proposal. Any that mature during the term are sold and given to creditors and the rest are exempt. Alternatively it could be argued they come under the overtime, bonus, commission obligation to the IVA so your own IP may have their own ways of treating these schemes.
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