Successful Individual Voluntary Arrangement
20 November 2017: We are pleased to report the successful conclusion of an Individual Voluntary Arrangement (“IVA”) for a professional services individual who was saddled with a mixture of various litigated debts and personal guarantees for some old corporate debts. The terribly distressing situation had been going on for many years with no prospect of resolution, until the debtor met with BRI Business Recovery and Insolvency.
The IVA was based on a lump sum payment into the arrangement from the debtor’s pension (which would otherwise have been unavailable to creditors in a bankruptcy scenario) together with a single contribution from a family member. The IVA was estimated to pay 37p in the £ yet creditors actually received 65p in the £ due to one large creditor choosing not to claim. The IVA was set up, distributions were paid to creditors and the certificate of completion issued in only 9 months. A win-win result with a significant distribution to creditors whilst also enabling the debtor to move forward knowing his affairs are in order.