I forgot to mention to my IP I have shares in my company

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nick803
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by nick803 » Wed Jun 14, 2017 4:03 pm
Im in the process of setting up an IVA, Im getting a call back on friday from the advisor but from what I gather its already been set in motion, my problem is I have forgotten to mention I have shares in my company i get awarded each year, but i cant draw them out for two years after each award, i will tell the woman on friday that I forgot to mention it so its all correct and i am not committing fraud but will I get in trouble for not telling them about it in the first phone call as I genuinely forgot I had them where I don't cash them until two years
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Foggy
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by Foggy » Wed Jun 14, 2017 4:15 pm
As long as you tell them before the IVA is put in place -- and preferably before it is drawn up fully, so they can accomodate them. I would imagine that you might be required to cash them in as they become eligible as well as any you have to hand at the moment, unless creditors will exclude them (which I doubt).
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Lisa Thomas
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by Lisa Thomas » Thu Jun 15, 2017 8:30 am
I suspect it depends on their value as to whether creditors will allow you to keep them.
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Michael Peoples
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by Michael Peoples » Thu Jun 15, 2017 10:21 am
Personally I would argue that these shares are performance related and not guaranteed so would be covered anyway by the 10% 50/50 rule. It does not sound like you are paying for these shares so I do not think you are doing anything wrong. If your IP disagrees try another firm.
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