Trading On

In February 2008 we were appointed to act as Nominee in drawing up an IVA proposal for an accountant, who would not have been able to continue practicing as an accountant if declared bankrupt. A proposal was drawn up which included a the debtor making voluntary contributions from his ongoing income. 

The outcome for creditors was therefore much better than it would have been in a bankruptcy scenario and therefore the proposal was accepted. The duration of the IVA was 5 years and it was successfully concluded with a substantial return of funds to the creditors. The debtor was able to continue to practice throughout the period of the IVA and afterwards. 

 

 

It is important to take early advice - whilst all options are still open. The longer matters are left, the less control you will have over the outcome, and the harder it becomes to save a business