Received Bankrupcy Petition

keen_kat

You're right Alastair, they really can be the spawn of the devil. I have had IVAs where people have insisted on doing one, and not going bankrupt, despite us telling them to go bankrupt, and then a year down the line the IVA failed. In that situation we had to do what the debtor wished and they wished for an IVA over bankruptcy.

When they did go bankrupt they said exactly what you said... why didn't we do that sooner.

So wholeheartedly agree with you on that to a certain degree.

But some bankruptcies have only come about because people putting their heads in the sand, but did have the ability to enter and IVA and in that circumstance it's a shame people get to that point, only to realise that huge equity they can't pay off to the OR meaning they had to sell, but if they had dealt with their problems sooner, could have been avoided with an IVA.

I can see view points from both sides of the coin.