Hi Thank you for responses.
its quite a complex situation and has now been going on 10 years! start nov 2009 - end 2014 cont....now 2019
the IVA ran the full 5 years, but Creditfix issued a breach Aug 2016, stating the equity had not been released & the creditors claim had increased by more than 15% which we were not shown evidence of. In the 4th year we were sent an email stating if the equity could not be realised then the IVA would just be closed after the final payment with no extension.
A meeting was held Oct 16, where a vote to terminate the agreement was made and bankruptcy proceeding were commenced.
In the final report & certificate of termination Nov 16, it was stated the IVA failed due to arrears £1340, which had this been brought to light 2-3 years earlier could have been remedied.
In the report it is noted that at variation was made."The supervisor be authorised to issue a certificate termination the arrangement by reason of the debtors breach and proceed with a petition of bankruptcy" . " The terms of the arrangement were varied at a general meeting of creditors to accept the sum of £23,500 plus the funds received in satisfaction of the debts, cost and expenses of the voluntary arrangement".
it also states in the report that the equity as been realised by way of remortgage (this wasn't done)