Can I get the IP to remove restriction on the property once the final payment?

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Patrick Podd
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by Patrick Podd » Sat Jul 01, 2017 8:50 am
Hi Michael, I'm a self employed IT Projects Manager and my final contract will run out at the end of August. Luckily my IVA also finishes at September by paying the final of 12 installments in lieu being able to remortgage So I will finish the IVA. However to support the IVA my company is in a mess and I don't have the Corporation tax for last year or this. Therefore I need the most tax efficient way of shutting down the company. As I had two mini strokes earlier this year I cannot really work other than at home and I will have to downsize to be able to live as my repayment mortgage has 5 years still to run so I need to sell to release some equity to live on. How much of this will the revenue grab and how much will the IP attempt to obtain if I haven't received the Completion Cert even though I've made all the payments on the IVA. Can I get the IP to remove the restriction on the property once the final payment is made? I need as much as possible left to move on (I have been posting on the forum as Poppy13 - Poppy is our dog!
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Foggy
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by Foggy » Sat Jul 01, 2017 8:59 am
Hi Patrick. Michael will probably not respond until Monday, but there are further responses on your "Poppy" thread.
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Michael Peoples
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by Michael Peoples » Mon Jul 03, 2017 7:55 am
If you have been using company money to fund the IVA then in effect you have been obtaining credit and now likely have an overdrawn director's loan account. If the company is liquidated the liquidator could seek to recover this money from you and you could face disqualification proceedings so it is not that straightforward.

From the IVA point of view I think paying the balance would be the easiest way and hopefully your IP takes the same view but the company is a separate issue altogether. You need to be careful and see how much you owe the company and how much the company owes its creditors.
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