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Alex J.
Alex J., Solicitor
Category: Bankruptcy Law
Satisfied Customers: 4001
Experience:  Bankruptcy, liquidations, administrations, pre pack sales, re use of company names and director duties and offences.
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Hello I have a bankruptcy petition out on me I have tried

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Hello
I have a bankruptcy petition out on me
I have tried to do an IVA but it failed due to one creditor (XX) that had the largest debt by far (just over 50% of the debt). 45% voted Yes.
We are due in court in a couple of weeks time.
If we can negosiate with XX (via a third party) and pay a sum for them to drop the petition, would we then still be able to go ahead with the IVA.
Thank you
Hi

Thank you for your question and welcome to Just Answer.

Please can you confirm that the money is being paid by a third party?

Kind regards

AJ
Customer: replied 6 years ago.

Yes the money is being paid by a third part - a family member

Hi,

Thank you.

Yes you will still be able to enter into an IVA but I would only make this payment on the condition that this creditor agrees to vote in favour of the IVA.

Have they indicated that they will accept? Has the petition been advertised?

Kind regards

AJ
Alex J. and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.

I only sent the email off yesterday and have not had a reply.


As we have been to court a few times I assume so.


So the creditor can also vote in the IVA. Would I need to inform my IP of the situation? Or any of the other creditors as obviously this will have an effect on them


 

Hi,

Thank you.

When the payment is made will this creditor been paid in full?

Kind regards

AJ
Customer: replied 6 years ago.

No not be a long way

Hi,

Thank you.

Then they will still be creditors.

You can therefore try to agree with them that the payment will only be made if they approve your IVA.

I would certainly tell your insolvency practitioner.

Are they likely to agree to write off some of the debt.

Kind regards

AJ
Customer: replied 6 years ago.

I really hope so as this is our last resort. Thank you