Interlocking IVA's

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Sinking Fast

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Post by Sinking Fast » Mon Jun 14, 2010 7:55 pm
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Hi all,

In an interlocking IVA proposal, what would happen if my proposal was accepted (9 creditors), and my wifes proposal is rejected (2 creditors)?

Although my wifes 2 creditors are a joint account, is it possible they would accept mine, and reject my wifes?

Many thanks.
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Adam Davies

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Post by Adam Davies » Mon Jun 14, 2010 8:12 pm
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Hi
It is possible but unusual.
If they do not accept your wife's then it will have an affect on your IVA as there would be no funds set aside for your wife to service her debt
Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Tue Jun 15, 2010 1:05 am
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It can happen - in which case you would need to see whether the accepted IVA could carry on without the financial contribution from the party who had been rejected.
Regards, Melanie Giles, Insolvency Practitioner
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