Administration Order for Debts less than £5,000

Jonto_3

rog2 wrote: »

Doesn't surprise me in the least. However, as implied in the name, an IVA has an element of 'voluntary' in it, whereas an Administration Order is both fixed and administered by the Court, thereby making it legally binding to all parties.

Good Night.

What ! so you are telling me that an IVA is voluntary and no bound by Court?

I think you will find that it is. Once the arrangement has been agreed both creditors and the debtor are bound by the arrangement.

Richard_S

Jonto wrote: »

What ! so you are telling me that an IVA is voluntary and no bound by Court?

I think you will find that it is. Once the arrangement has been agreed both creditors and the debtor are bound by the arrangement.

What do you think the "V" stands for????

AlanD_3

I thought that while you do opt into it once you have the right percentage of creditors opting in it was binding provided you don't default (and even then if you have emergancies and contact your... whatever it is called the IVA equivalent of an OR, they can still help out by extending the period of the IVA to give you a break) it was binding for all the creditors?

im1dful

Richard_S wrote: »

What do you think the "V" stands for????


Jonto, come clean mate, what are you selling???

IVAs certainly are binding.

I thought that admin orders were brought in by the Insolvency Act 1986 and were nothing new. Judges are meant to consider them when someone petitions for their own bankruptcy, however I am aware of at least two debtors petition bankruptcies where the total debts were less than £1,850.

AlanD_3

What????

After paying your fees... that seems bizarre and... that just doesn't make sense, less than £1850???? No way!

Jonto_3

im1dful wrote: »

IVAs certainly are binding.

I thought that admin orders were brought in by the Insolvency Act 1986 and were nothing new. Judges are meant to consider them when someone petitions for their own bankruptcy, however I am aware of at least two debtors petition bankruptcies where the total debts were less than £1,850.

I think Richard S need to go away and do some research.

For the record i am selling nothing.

I have come across thousands of creditors petitions for less than £2k but not many debtors petitions to be honest.

Richard_S

Jonto wrote: »

I think Richard S need to go away and do some research.

For the record i am selling nothing.

I have come across thousands of creditors petitions for less than £2k but not many debtors petitions to be honest.

Hi Jonto,

Point taken. I only posted this thread because it seemed a relatively painless solution for people with debts of less than £5k and I'd be the first to admit that my knowledge of IVA's is only basic.

I'm sure you can imagine how suspicious people become when we've had mortgage brokers, credit cards for bankrupts and various offers too good to be missed on this forum.

I for one, am just curious about your interest in bankruptcy.

Richard