What makes an associated creditor?

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brad814

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Post by brad814 » Fri May 21, 2021 11:20 am
What makes an associated creditor in an IVA? I owe money to companies my wife owns and is a director of but I have no ownership nor am I a director. The judge is asking for proof of these debts in an IVA proposal but no others.

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Foggy

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Post by Foggy » Fri May 21, 2021 12:01 pm
An associated creditor is one with a relationship with the borrower and not normally in the business of lending, and who has made informal loans to the borrower. A commercial lender will have a credit agreement with the borrower and be regulated / licensed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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brad814

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Post by brad814 » Fri May 21, 2021 1:52 pm
thanks - clears it up a bit
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