Selling shares

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tony218

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Post 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

Foggy

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Post 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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

tony218

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Post 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?

Foggy

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Post 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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post 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.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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