Is it a criminal offence to conceal all your assets when you set up your IVA ?

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charlie780
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by charlie780 » Mon Dec 11, 2017 7:05 pm
if deliberatley you do not disclose all your assets at the time you set up your IVA . At what stage can your IVA be revoked/cancelled if this is discovered later. Is this a criminal offence?
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Foggy
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by Foggy » Mon Dec 11, 2017 7:22 pm
Yes, it is a criminal offence to conceal assets and amounts to fraud. The IVA can be revoked as soon as this is discovered, depending upon the circumstances. You might be given a chance to put things right if creditors agree. Whether you get taken to court will, again, depend on the circumstances as well as how the creditors wish to handle the matter.
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charlie780
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by charlie780 » Mon Dec 11, 2017 8:08 pm
Foggy wrote:
Yes, it is a criminal offence to conceal assets and amounts to fraud. The IVA can be revoked as soon as this is discovered, depending upon the circumstances. You might be given a chance to put things right if creditors agree. Whether you get taken to court will, again, depend on the circumstances as well as how the creditors wish to handle the matter.

What if the IVA is effectively finished.and certified.. Then what?
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Foggy
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by Foggy » Mon Dec 11, 2017 8:28 pm
Again, depending on the circumstances and severity of the ommision, the outcome could still be a fraud charge, or, more likely the revocation of the IVA and creditors being able to pursue you foer the original debt.
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charlie780
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by charlie780 » Mon Dec 11, 2017 9:39 pm
Foggy wrote:
Again, depending on the circumstances and severity of the ommision, the outcome could still be a fraud charge, or, more likely the revocation of the IVA and creditors being able to pursue you foer the original debt.

So can the iva be legally revoked by the I P after the agreement has been signed off ad finshed . If major assets were knowingly not disclosed at the start ?
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kallis3
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by kallis3 » Mon Dec 11, 2017 10:05 pm
What assets are we are talking about?
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Foggy
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by Foggy » Tue Dec 12, 2017 8:11 am
charlie780 wrote:
Foggy wrote:
Again, depending on the circumstances and severity of the ommision, the outcome could still be a fraud charge, or, more likely the revocation of the IVA and creditors being able to pursue you foer the original debt.

So can the iva be legally revoked by the I P after the agreement has been signed off ad finshed . If major assets were knowingly not disclosed at the start ?



There are procedures and the IP may have to go to court, but, yes, the IVA can be set aside in certain circumstances.
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