I know someone who is hiding £10,000's from an IVA

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Hawyatt
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by Hawyatt » Fri Mar 16, 2018 11:36 am
Can anyone help with this question?

I know someone who entered an IVA a couple of years ago, deliberately built up debt but hid tens of thousands of pounds in his girlfriends bank account. He had a company that went bust and he was banned from being a director for 7 years, but before then, he set up another company in his girlfriends name and carried on, wiping out all his business and personal debt whilst at the same time hiding all his money.

There is so much now he is buying a new house in cash, has bought another business to open separately and is bragging about it having 100's of thousands of pounds spare. All the while pretending he didn't live with anyone (despite them having a child together) and still not paying his debts off.

The question is, how is this legal and if it isn't, who is it reported to?
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Foggy
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by Foggy » Fri Mar 16, 2018 11:49 am
Legality depends on what exactly has been done and how. Moving money / assets around in this way is not uncommon and not, surprisingly, always illegal... morality is a different question. Depending upon what proof you might have you could report the matter to the IP running the IVA in the first instance or to Companies House with respect to the directorship issue.
Hawyatt
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by Hawyatt » Fri Mar 16, 2018 12:23 pm
Foggy wrote:
Legality depends on what exactly has been done and how. Moving money / assets around in this way is not uncommon and not, surprisingly, always illegal... morality is a different question. Depending upon what proof you might have you could report the matter to the IP running the IVA in the first instance or to Companies House with respect to the directorship issue.


Thank you. It's not a morality issue, I know people he's ripped off.

Proof will literally be in the bank statements of the partner, which I assume the practitioner won't be able to get access to. Would the police be a better bet in your opinion?
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Foggy
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by Foggy » Fri Mar 16, 2018 12:51 pm
The police could be interested in potential fraud -- whether they will commit resources is another matter.
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Lisa Thomas
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by Lisa Thomas » Tue Mar 20, 2018 10:05 am
Report it to his IVA Supervisor by getting their details here:

https://www.insolvencydirect.bis.gov.uk/eiir/

Report it to the Liquidator of the old company (if case is still live) which you should be able to find here:

https://beta.companieshouse.gov.uk/

Report yourself to the Insolvency service here:

https://www.gov.uk/complain-about-a-limited-company
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