Bankruptcy

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mikecorgi
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by mikecorgi » Wed Mar 22, 2017 5:17 pm
Please can someone give me some advice , I have just received a letter from Grant Thornton(GT), that the creditors have rejected my proposed variation, apparently HMRC had the deciding vote , GT is now instructing their solicitor to commence bankruptcy proceedings
What can I do to prevent me loosing my house and being made homeless
Is there anywhere I can take advice as it seems GT do not support the person in the IVA
Thanks
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Foggy
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by Foggy » Wed Mar 22, 2017 5:26 pm
What, in the end, was the proposed variation asking for exactly ?
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mikecorgi
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by mikecorgi » Wed Mar 22, 2017 5:32 pm
The proposal was for £200 per month for 20 months to a total of £4.800 ,, equates to a dividend of approx. 5p in the pound ,, is this what you meant ?
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Foggy
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by Foggy » Wed Mar 22, 2017 7:24 pm
Was this because you could not afford more than the £200 proposed?

Just that, normally, if there is a possibility that the IVA can continue as previously agreed, that is what should happen ( depending upon how the variation was worded). However, if you were saying that, in a nutshell, the IVA will fail if £200 is not accepted, then the creditors are open to pursue as they see fit. HMRC likes to go for BR if they can, if the IVA fails.

What sort of equity is in the house ? If not a lot it might not be seized .
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Michael Peoples
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by Michael Peoples » Thu Mar 23, 2017 9:27 am
It is not unusual for HMRC to reject variations where the first IVA has failed. If you equity they will want that so your only option may be a voluntary sale of the property which could be acceptable to HMRC. It would likely require another variation but a quick call to HMRC from your IP would be a good idea. If you have equity in your property you will almost certainly lose it unless you can get a third party to deal with this in bankruptcy.
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mikecorgi
Posts: 8
Joined: Mon Jun 27, 2016 10:35 pm
by mikecorgi » Thu Mar 23, 2017 7:28 pm
Please can someone give me some advice , I have just received a letter from Grant Thornton(GT), that the creditors have rejected my proposed variation, apparently HMRC had the deciding vote , GT is now instructing their solicitor to commence bankruptcy proceedings
What can I do to prevent me loosing my house and being made homeless
Is there anywhere I can take advice as it seems GT do not support the person in the IVA
Thanks
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Foggy
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by Foggy » Thu Mar 23, 2017 8:06 pm
Duplicate post merged.
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