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Bankcruptcy/IVA
castle96
Posts: 3,036 Forumite
..... solicitor is distributing an Estate and needs to write cheques. They willl do a bankcrutcy search on a beneficiary prior to issuing a cheque.
Do they do/NEED to do an IVA search for any potential debts? Does a positive result 'stop' them issuing the full amount?
Do they do/NEED to do an IVA search for any potential debts? Does a positive result 'stop' them issuing the full amount?
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I am not certain but I imagine the solicitor is making sure that the beneficiaries will actually get the money. If a cheque was paid into an account associated with a bankrupt, and it owed money to the bank, the bank could take it. So I think they are doing this to protect the beneficiaries.
Others with more expertise may have a different view.
Kind Regards,
Bill0 -
The Individual Insolvency Register reports current and recent bankruptcies, IVAs and DROs. So only one check is needed.
The debtor will have to report their inheritance and may well end up paying the full debt and the IVA fees from it.If you've have not made a mistake, you've made nothing0 -
Doesn't an IVA completely 'wipe out the debt'? ( I've never understood how!). Sole director/limited Company0
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I would have thought aany professional executor would check before distributing the estate and IVA appear on the same register so they will see it. The solicitor may pay the beneficiary and leave them to declare it or more likely they will deal with the insolvency practitioner.
https://debtcamel.co.uk/inherit-dmp-dro-iva-bankruptcy/
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Is this a repeat of your previous queries? Last time you said it was a Creditor's Voluntary Liquidation.If you've have not made a mistake, you've made nothing1
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Revision - sorry, it is a "creditors voluntary liquidatio", not an IVA0
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Have you been to www.gov.uk/liquidate-your-company
You need to start by reading that because you've been asking everyone the wrong questions multiple times over the last year.If you've have not made a mistake, you've made nothing0 -
With an IVA your creditors agree to be paid a certain amount in instalments over a 5 or 6 year period and once that is up they can’t claim any more. If on the other hand you inherit money during that period there will be a clause in that agreement that means you pay more or the entire debt.castle96 said:Doesn't an IVA completely 'wipe out the debt'? ( I've never understood how!). Sole director/limited Company0 -
Correct but the OP's son doesn't have an IVA. He would up a company, voluntarily.If you've have not made a mistake, you've made nothing0
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true. I am looking at my will. I don't want his share 'wasted'. It could go to his 2 brothers and they could sort between them (hopefully!)0
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