Selling shares

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tony218
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by tony218 » Fri Jun 08, 2018 3:24 pm
My IVA is due to complete in a few months, i am looking to sell my shares in a limited company, do i need to declare this as a windfull if done now or do i need to wait until IVA completed, assume when i receive a certificate of completion to avoid the windfull clause
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Foggy
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by Foggy » Fri Jun 08, 2018 3:31 pm
tony218 wrote:
My IVA is due to complete in a few months, i am looking to sell my shares in a limited company, do i need to declare this as a windfull if done now or do i need to wait until IVA completed, assume when i receive a certificate of completion to avoid the windfull clause


Selling of shares is not a windfall, but a disposal of assets and, unless excluded in the IVA, the proceeds will belong to your creditors. Were they declared to your IP at the outset (as they should have been) ?

I would be inclined to sit on them until you have formally complted and been released from the IVA.
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tony218
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by tony218 » Fri Jun 08, 2018 3:42 pm
Foggy wrote:
tony218 wrote:
My IVA is due to complete in a few months, i am looking to sell my shares in a limited company, do i need to declare this as a windfull if done now or do i need to wait until IVA completed, assume when i receive a certificate of completion to avoid the windfull clause


Selling of shares is not a windfall, but a disposal of assets and, unless excluded in the IVA, the proceeds will belong to your creditors. Were they declared to your IP at the outset (as they should have been) ?

I would be inclined to sit on them until you have formally complted and been released from the IVA.



Thank you for you advice. Yes they were declared at the outset - Can you confirm 'formally completed' is when the completion certificate is received, is this correct?
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Foggy
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by Foggy » Fri Jun 08, 2018 4:53 pm
tony218 wrote:
Foggy wrote:
tony218 wrote:
My IVA is due to complete in a few months, i am looking to sell my shares in a limited company, do i need to declare this as a windfull if done now or do i need to wait until IVA completed, assume when i receive a certificate of completion to avoid the windfull clause


Selling of shares is not a windfall, but a disposal of assets and, unless excluded in the IVA, the proceeds will belong to your creditors. Were they declared to your IP at the outset (as they should have been) ?

I would be inclined to sit on them until you have formally complted and been released from the IVA.



Thank you for you advice. Yes they were declared at the outset - Can you confirm 'formally completed' is when the completion certificate is received, is this correct?


Yes, when the completion certificate has been issued is when you are "free" of the IVA in all respects, save for PPI and similar refunds.
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Lisa Thomas
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by Lisa Thomas » Mon Jun 11, 2018 8:37 am
If you sell them now you will have to pay them into your IVA - I would recommend you wait until the IVA is complete and you have your CC as Foggy has suggested.
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