IVA hearing 4th Oct and Bancruptcy hearing 6th Oct!

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nigelmts

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Post by nigelmts » Tue Sep 21, 2010 5:47 pm
I have an IVA hearing on 4th oct and a Bancruptcy hearing on 6th Oct!(no pressure)
HMRC have petitioned for 75k. IVA total is 150K with 4 credit cards 10k each and an unhappy supplier at 35k. I assume it's all down to HMRC as to proposal being accepted, IVA proposes 87p and bancruptcy 77p.My question is, If IVA fails is that curtains for me or could i get an adjounment and re-submit another IVA? Oh yes whats your opinion on my chances?
 
 

Adam Davies

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Post by Adam Davies » Tue Sep 21, 2010 5:54 pm
Hi
Yes you will need the support of HMRC and I guess your IP would have a good idea already of them accepting or not.
I believe that they will push for bankruptcy if the IVA is rejected.
Good luck
Regards
Andam Davies
 
 

MelanieGiles

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Post by MelanieGiles » Tue Sep 21, 2010 10:57 pm
Always a better idea to put your best offer on the table from the outset. If HMRC are the petitioning creditor, they may take some persuading to support an IVA where there is only a small margin between the outcome in bankruptcy and the IVA.

I'll be interested to learn the end result in this matter. Has your IP been negotiating with HMRC and is there an early indication of support?
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 8:37 am
Fingers crossed it goes your way Nigel, let us know what happens.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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Michael Peoples

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Post by Michael Peoples » Wed Sep 22, 2010 9:22 am
HMRC do support IVAs but like all creditors they have criteria. Compliance is more important than dividend so ensure any outstanding returns are submitted.

Best of luck from me too.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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