Post IVA windfall

marone

Hi Everyone,

My partner recently completed her IVA after borrowing some money from her parents to make a new offer to the creditors. This reduced offer was accepted by them and she has now received her completion certificate from her IP.

She has also recently inherited a share of a property from a deceased relative. She is now worried that the creditors will claim more from her once the property is sold.

Thus my question is:
Do the creditors have any legal right to claim some/all of the windfall despite the IVA being completed?

Thanks.

FoggyBrain_2

Did she know of the inheritance before the completion certificate was issued ? If not and the IVA was concluded in accordance with its terms, then, after the completion certificate is issued, as far as I am aware, that is the end of the matter.

If, however, she was aware of the inheritance and signed a no windfall statement, it could be a different matter.

That said, the creditors certainly won't be checking and the IP has decalred that he has no further involvement in the case, so I doubt he / she will be checking either.

marone

Thanks for your reply

The inheritance did come through before the certificate yes. However it was after the creditors accepted the new offer.

But i guess that last part will not matter will it, as the IVA wasn't completed at that point.

FoggyBrain_2

This might be a question to put to an IP over on https://www.iva.co.uk It would be interesting to see what their take on it is. I am not sure whether the IP can back track once the certificate is issued.

Technically the inheritance should have been declared at the time, as you so rightly say -- the certificate wasn't issued, therefore it should have been captured as a windfall.