My IVA is failed due to breach of contract

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pappu
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by pappu » Tue Jul 17, 2018 2:42 pm
My IVA IS FAILED DUE TO BREACH OF PROPOSALS. NOW CREDITOR APPLIED FOR MY BANKRUPTCY. BUT I AM HOMEOWNER AND I DON'T WANT TO LOOSE THE HOME.
WHAT ARE MY OPTION?
HOW CAN I STOP MY CREDITOR TO MAKE ME BANKRUPT.
I HAVE A HUGE AMOUNT OF EQUITY IN MY HOME.
CAN I APPEAL AGAINST MY BANKRUPTCY ?
WHAT ARE THE CHANCE OF SUCCESSFUL APPEAL AS MY IVA IS FAILED DUE TO THE BREACH OF CONTRACT?
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Foggy
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by Foggy » Tue Jul 17, 2018 2:51 pm
What was the breach ? As the bankruptcy petition has been brought about by the failure of another debt solution I doubt any apeal would be entertained unless you could argue and prove that the breach was unfair.
There is a slim chance that you might be able to get another IVA put in place, but your creditors, including the one petitioning for bankruptcy, would have to agree.
pappu
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by pappu » Tue Jul 17, 2018 3:08 pm
I HIDE THE SAVINGS I HAD AND DID NOT PAY TOWARDS MY IVA
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Foggy
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by Foggy » Tue Jul 17, 2018 3:17 pm
pappu wrote:
I HIDE THE SAVINGS I HAD AND DID NOT PAY TOWARDS MY IVA


Ah, right. I doubt that the creditors would be inclined to agree to another IVA in that case and the Official Receiver might also be a little more strict with your case as well. I can only advise you to co-operate fully with the OR.

It would do no harm to speak to another firm in the meantime and see what they think.
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kallis3
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by kallis3 » Tue Jul 17, 2018 3:47 pm
Agree with Foggy - you can speak to another company and see how you get on. Why did you hide the savings, and (at the risk of being nosey) ask how much they were?
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MerlinL14
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by MerlinL14 » Tue Jul 17, 2018 6:05 pm
I think you may have shot yourself in the foot. Not only will your IP be feeling wronged but your creditors will be livid that you have in effect deceived them and attempted to pay a lesser dividend than the proposal due to you hiding assets. Chances are, like Foggy says, that the creditor petitioning for the BR will stand a better than good chance of it happening. You could also be charged with fraud and have to appear in criminal court if your IP or a creditor chooses to pursue that option as well. I don't agree that you may get another IVA with a different company, as you may already be listed as to why you are held in breach, it's a small niche business now run by very few companies. I wish you luck in your endeavours though.
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