How long can a property be held in trust after IVA termination?

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debbie625

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Post by debbie625 » Mon May 13, 2019 2:29 pm
How long can a property be held in trust for IVA creditors after the termination of the IVA

Lisa Thomas

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Post by Lisa Thomas » Mon May 13, 2019 3:44 pm
I suspect it's indefinite unless and until creditors are paid in full.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Mon May 13, 2019 3:48 pm
....or unless the trust has been specifically terminated in the IVA termination paperwork.

When you say "termination" --- was the IVA stopped part way through or did it complete successfully ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

debbie625

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Post by debbie625 » Tue May 14, 2019 11:24 am
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)

sorry for the long winded post

Lisa Thomas

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Post by Lisa Thomas » Tue May 14, 2019 2:00 pm
The property therefore either still forms part of the IVA trust or is caught in the Bankruptcy estate.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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