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| T O P I C R E V I E W |
| dazed and confused |
Posted - 07 June 2008 : 23:48:24
Dear Forum
A mate of mine is currently out in Canada and is in the middle of an IVA.
He is struggling to make the IVA payments and live in Canada, and is considering staying over there for the forseeable futue. Is it possible for him to go Bankrupt in the UK from Canada?
How much would this cost? How would he go about doing it? What would be the implications for his IVA - should he just stop paying the IVA and let them declare him bankrupt or do it himself? Would he need to come back to the UK to do this? Would he be expected to pay anything more than the bankruptcy fee? Where would the bankruptcy be advertised - in the newspaper local to his UK address?
Sorry for so many questions!!!
Any info. / advice would be much appreciated!!! |
| 5 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 10 June 2008 : 23:16:15
The IP will only make him bankrupt if he has funds sufficient to pay for the application, and the proposal dictates this course of action. If the IVA has only been running for a couple of months, it is unlikely that a supervisor's petition will ensue.
Try and encourage him to make contact with his IP. We do this work for clients in good faith, and are accountable to the creditors, so at least he should give his supervisor the courtesy of a phone call to explain the current situation.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| dazed and confused |
Posted - 10 June 2008 : 21:31:09
Hi and thanks for you reply!
To be honest I think he is trying to avoid the issue and hoping the IP will just make him bankrupt themselves - probably not the best thing to do!
What will be the implications of this with regards the IP's fees for setting up and running the IVA? Would that be written off if he goes bankrupt? Can the same IP sort out the bankruptcy or should he go through it himself?
As far as I know, they do know he is in Canada, but originally he was hoping to keep up his IVA payments... |
| melanie_giles |
Posted - 09 June 2008 : 22:42:54
Your friend would be best advised to contact their IP and take advice as to their intention to declare themselves bankrupt.
The advertisement of the bankruptcy order would be in the London Gazette and a local newspaper in the last area he resided in in the UK.
Is his IP aware that he has moved to Canada as a matter of interest?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| dazed and confused |
Posted - 09 June 2008 : 20:11:07
Hi and thanks for the reply!
from what I can gather, I think his IVA is bound to fail as I think he has already missed some payments to it and cannot afford to make any more payments and still live in Canada.
You said that "An IVA failure would not automatically result in a creditors petition for BR, but this would depend on the creditors."...what would be the alternative?
Yes, the debt is general consumer debt - I think he owes in the region of £45,000!
With regards my other questions, would he be expected to pay anything more than the bankruptcy fee e.g. what about the IP fees for the IVA?
Where would the bankruptcy be advertised - in the newspaper local to his UK address?
Sorry once again for so many questions!!! |
| JulianDonnelly |
Posted - 08 June 2008 : 12:30:21
Hi Dazed and Confused and welcome to the forum.
Before he goes BR, he will need his IVA to fail as most courts will insist on a letter/certificate of failure of his IVA before accepting a BR petition. An IVA failure would not automatically result in a creditors petition for BR, but this would depend on the creditors.
Someone else could handle his BR under a Power of Attorney which would avoid the need for him to come back to the UK. How was the debt incurred? If it is just general consumer debt, the OR interview would just be a telephone call so that should be ok. If it was to do with a business, it is a face-to-face interview for which he'd need to be present.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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