Planning on moving to the UK to discharge of just over €1M in personal debts, mainly property related. I sought advice about UK Bankruptcy and was advised to go the I.V.A ( Individual Voluntary Arrangement ) route first as according to my advice it's a better option than bankruptcy and can be sorted out in 3 or 4 months. - Has anyone any experience of this? I have read elsewhere that an IVA can last 3, 5 or even 7 years!
Why do you say an IVA lasts 5 years? From my own online research I have read that there is the option of paying a lump sum, if you had one??
But is a PIA longer in Ireland than an IVA in UK?
Brendan from what I understand, and there is considerable info online via the UK courts services, lump sum IVAs whilst hard to get are preferable for many business people or self employed people who have to start again and get back in business of some sort to make a living. It seems it is usually a family member who will front up the lump sum, it is of course not the indebted. The main difference or advantage that I have discerned is that once the IVA is accepted and processed, maybe a month after COMI is established, then the matter is completely finished unlike bankruptcy where you wait out a subsequent 12 month period.
I This probably reads a bit different to some but here goes:
...
Investment property -
Lender: Irish Bank
Amount outstanding: 650,000
Value of home:50,000
Probably,if it is not a lump sum. You raised the lump sum point which is why I then raised the PIA at home. All of this begs the Q, that if you live in the Uk or can move why you engage in any other solution other than bankruptcy.
Steve Thatcher
That is a bit different ok.
Your wife's self-employment is a bit of a problem to travelling.
What is the status of the foreign bank under Irish and UK bankruptcy laws? Presumably it's the same as any other creditor.
Reacher, can you accept private messages on this forum. I tried to send you one but it didn't allow it?
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