Individual Voluntary Arrangement (IVA): London Property Developer and Professional Landlord
• The client was referred to us after they had been advised by a different Insolvency Practitioner that an IVA would not be viable.
• The client owns 8 properties in London and 2 more properties that were subject to Fixed Charge Receiverships. The total unsecured creditors were £436,052 in the Statement of Affairs.
• The IVA was successfully agreed in November 2011 and a Bankruptcy Petition against the Debtor was dismissed as a result.
• The IVA was varied in 2013 to take into account higher than anticipated claims following shortfalls from the Receiverships. Total claims received are £555,495.
• Dividends totalling 6.5p in the £ have been made, with another distribution to be made shortly.
• The IVA contributions are up to date and the IVA is on course to achieve the agreed 17p in the £. The Debtor has also been able to retain all 8 remaining properties and avoided any further Receiverships or repossessions.
Bankruptcy: Yorkshire based individual
• We were appointed on this Bankruptcy by the Secretary of State on November 2011. Total assets of £35,557.39 were quickly realised. The monies realised represents the Debtor’s interest in a jointly owned property.
• The petitioning creditor’s costs were negotiated down from circa £9,000 to £3,000.
• A challenge from the joint owner of the property for a greater share of the monies in the property was defeated.
• A distribution was made to unsecured creditors of 28.3p in the £.