Bankruptcy IPO and Expenses in Euros

Bobby1983

Registered User
Messages
6
Dear All

Went BR in the UK in March and moved to Germany shortly after due to a new Job

I am in the process of filling out my IPO questionnaire, but the OR wants this to be in pounds sterling and use the UK expenditure allowances. The problem is, is that I live in Germany and expenditure allowances are totally different and I obviously use the Euro as my currency.

Before I ask the OR, can anyone suggest what I should do or what I should use as a basis to fill out the questionnaire for another country and currency.

Also my wife contributes half of all expenditure, but does not want her wages included in the Questionnaire, because as she said "this is not my problem!" Understandable!.

Any help would be aprreciated.

Regards

Bobby
 
As you successfully petitioned for bankruptcy in the UK, the UK expenditure allowances (and not the German allowances) are the ones you use in calculating the IPO.

One can either use the current exchange rate in calculating your income and outgoings (e.g. income and outgoings * 0.7) or use euros. The OR won't mind either way. We used euros when filling out our IPOQ on our return to Ireland.

The important point is that if your monthly income exceeds your (allowed) outgoings by the equivalent of £20 or greater, you will have an IPO attached for 3 years. It's imperative to get your outgoings and income to match (premised on the UK allowances) if you want to avoid an IPO. If you've used a UK insolvency specialist - contact them for advice.
 
Back
Top