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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 24582
Experience:  Senior Partner at Berkson Wallace
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Following on from our last conversation there are a couple

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Hi
Following on from our last conversation there are a couple of questions more
These being
If I sell the business but go paye or freelance which I was doing whilst in Iva and leave monies from sale in business account will they attach monies ?
Also if I sold after April and had final years tax return which they ask for because it’s a new tax year are we liable to pay them
Many thanks

Thank you for asking me, but I’m afraid that I cannot see the previous question so I don’t know what this is about.

Can you refresh my memory please?

It’s always dangerous to accumulate money anywhere in the bank account or savings account whilst in an IVA because you are under a duty to advise the Supervisor of any excess earnings or savings and they could nobble it.  So it’s better spent or not earned.

You would need to speak to the supervisor or a tax expert about the tax year because that’s a tax question rather than a legal one.

Stuart J and other Law Specialists are ready to help you
Customer: replied 7 days ago.
could I offer to pay the Iva off ? Not from the sale from an insurance injury payout ?

It’s a difficult one because you are under a duty to advise the Supervisor of any changes in your financial status and the payout from the personal injury would be changing your financial status although it depends what the money was for and how much it is as to whether the Supervisor would be interested because the idea of the money is to rehabilitate you, not pay creditors.  So it’s more likely than not that the Supervisor doesn’t actually have a claim on it but do they know about it they can be remarkably awkward and say that they have, even though they haven’t.

For that reason, the majority of people in your circumstances would not say anything about it and the supervisor would never find out in most cases.  However I can’t advise you to do that for obvious reasons.

If you can pay the IVA off to be free of it and have a clear credit history, is a decision for you to make

Customer: replied 6 days ago.
I’m aware they cannot attach the monies but to get the Iva paid off I’m willing to use it so I’m free to move on

Thank you for the extra information.  As you appreciate, that’s your choice.