Post
by
wen » Tue Mar 11, 2008 11:10 am
Firstly, as some will know I myself am bankrupt. I do however agree to some extent with Melanie and Ian.
There are no two ways about it, bankruptcy is the easiest option. There are many genuine people out there like myself and Skippy who have either attempted to take out an IVA or even follow one like Skippy, but things didn't work out. I myself could not even afford my secured debts, and having lost my business, unless Wendy and I could both walk into high paying jobs tomorrow, then an IVA was out of the question.
However, perhaps the way forward should be when actually declaring bankruptcy to have a full I & E review prepared, and if it is clear that the debtors could make a reasonable playment to an IVA of 25p/£ minimum, that they are put on a temporary BR order and then referred to an IP to put an IVA proposal together. If the proposal is then rejected then the BR order stands as of the day of the original order, and at least then creditors will definatley know it is the proposal or BR.
Making the IPO 5 years instead of 3 rather than reducing an IVA to 3 years (as you wouldn't then be reducing the creditors return on an IVA), and making IVA allowances a bit more reasonable may make IVA's much more attractive and BR less of a soft option for those looking for the quick exit.
Now the question of promoting new trade/business by removing the name from the paper. I myself was not bothered about my name being published, however the thought of going anywhere near running a business again in the forseeable future could not be any further from my mind. We've had a horrible experience and a lot can be said for knowing you will be paid every week/4 weeks and knowing pretty much exactly what money you have coming in to meet everything going out!!