Lease agreement in an IVA

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craig264
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by craig264 » Mon Aug 13, 2018 1:06 pm
Myself and my company was approved an IVA in March, we have some equipment that is leased (Pre IVA) and we are struggling with payments. Could this lease agreement be cancelled under the grounds of the IVA?
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Foggy
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by Foggy » Mon Aug 13, 2018 1:18 pm
It depends on the terms of the lease agreement, not on the fact that the IVA exists. Cancellation might produce further debts which may derail the IVA. You need to check the fine print on the agreements, then discuss with your IP.
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Lisa Thomas
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by Lisa Thomas » Mon Aug 13, 2018 2:19 pm
Your Company cannot be included in an IVA - were you a sole trader? Do you mean your business debts were included in the IVA?

I would suspect the future lease payments would have fallen into the IVA as a contingent liability at the time - you should speak to your IP about it.
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craig264
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by craig264 » Mon Aug 13, 2018 7:56 pm
Lisa Thomas wrote:
Your Company cannot be included in an IVA - were you a sole trader? Do you mean your business debts were included in the IVA?

I would suspect the future lease payments would have fallen into the IVA as a contingent liability at the time - you should speak to your IP about it.


Yes my business debts and mine and my wifes personel debts, we are a partnership.
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