Can an IVA be extended if another debt has been added ?

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sean564
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by sean564 » Wed May 03, 2017 10:16 am
Can an iva be extended by another year because another debt has been added, without permission from the Person that has the iva?
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kallis3
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by kallis3 » Wed May 03, 2017 10:34 am
Hi,

Can you explain further please? Where has the debt come from?
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Michael Peoples
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by Michael Peoples » Thu May 04, 2017 12:02 pm
It is a part of the proposal that forgotten debts can be added in. However to compensate creditors and achieve the dividend this usually requires an extension.
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Foggy
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by Foggy » Thu May 04, 2017 6:47 pm
The alternative would be failing the arrangement, so it could be a bit hazardous to argue the point.
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Lisa Thomas
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by Lisa Thomas » Mon May 08, 2017 2:25 pm
The debtor had a duty to ensure all debts were disclosed in the original proposals. If they have not done this, and it is a material debt that could have changed the outcome of the proposals being accepted, the IVA could be in breach of failure.

We need a bit more information to advise further...
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