Im new here and as everyone who starts off the IVA process my mind is blown and Im not too good with finances. I'll spare everyone the reasons for the IVA and just get to my question.
If anyone could shed some light that would be most appreciated as I cant sleep with the worry. IVA amount is 25k and I am self employed sole trader.
I own a small business, a coffee shop, 3 years ago my father lent me some start up money 50k. It was to be paid back on sale of the shop. Super kind I know.
Long story short I am three years later in an IVA and am awaiting my creditors meeting result in two weeks.
My question is: If i sell the business can I give my dad his money back and not to the IVA. I didn't disclose the loan from my father with my IP as I was thinking when I sell the business which is going to be less
than the 50k anyways can I just give every sale penny back to my father and continue with my IVA payments. Of course the IP would see the sale transfer in my annual bank account meeting etc so he would know Im not holding any money back.
I am worried that if I sell after the IVA is approved that he will loose his money as it will go back to the IVA first?
Anyways many thanks for any replies ladies and gents it is much appreciated,
You are already starting this IVA on thin ice by not being honest about your situation --- it does not bode well.
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