IVA Full and final settlement query please help

ksms

We have been told that, according to the accounts for my partners sole trader business, it will be almost impossible for an IVA to be accepted and we are probably looking at bankrupcy.

However, they suggested full and final if we could raise the money from family etc. We are unable to do this, however we are due a large payment into the business in the next few weeks for works carried out.

We asked if we could offer this as a full and final settlement IVA but were told not as it was an assett of the company - however, we have been informed by another source that as my partner is a sole trader this is not really the case and this money could be offered as a full and final!!

Which is correct???? any advice much appreicated as we are at our wits end as you can imagine.