The first of these was the IVA of a solicitor who was confronted with multi-million pound debts as a result of a firm of solicitors (of whom he was a partner some 2 years before) entered into partnership administration. PBC’s solution was the best outcome for both the creditors and the debtor, who was able to retain his ability to practice as a solicitor.
The second IVA saw creditors receive payment in full plus statutory interest. The terms of the IVA enabled the debtor to pay affordable contributions over a five year period rather than attempt to meet the demands of various credit card companies. In addition, the IVA also enabled the debtor to retain his family home.
At PBC Business Recovery and Insolvency we can advise you whether an IVA is appropriate. If appropriate, we will firstly assist you with the preparation of the proposal and then act as nominee and convene the meeting of creditors. Should the proposal be approved, we will then act as supervisor.
We can also act on behalf of creditors who have received IVA proposals prepared by other insolvency practitioners. If necessary, we can advise on whether the proposal should be accepted or modifications proposed and if necessary arrange attendance at any meetings of creditors.
If you have personal debt issues, PBC Business Recovery & Insolvency offers a free one hour consultation to discuss your situation and the possible options available. Call Gary Pettit or Gavin Bates on 01604 212150 completely confidentially.