Payment received under a Property Adjustment Order

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maurice
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by maurice » Sun Aug 13, 2017 5:47 am
What happens when a debtor received a payment under a Property Adjustment Order in divorce proceedings
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Foggy
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by Foggy » Sun Aug 13, 2017 7:50 am
Hi Maurice and welcome. This is not something I have come across before so cannot be of any assistance. Our Industry Experts tend to post weekdays and will be along tomorrow with something useful.

Were the divorce proceedings in train when the IVA was taken out ? This should have been discussed with the IP at the time and there might be some provision already in the proposal / chairman's report.
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Lisa Thomas
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by Lisa Thomas » Mon Aug 14, 2017 8:18 am
I haven't come across this before. My initial thoughts are that this payment would constitute an asset and would have to be paid over into the IVA
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Michael Peoples
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by Michael Peoples » Mon Aug 14, 2017 9:35 am
I would assume this would be an asset of the IVA unless the property was specifically excluded at the outset.

Can you supply more detail please.
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