hello, just wondered if any one could offer advice..
Myself and my wife are nearly at the end of year 3 of an IVA, none of our families are aware of our situation. My father as some rough grazing land which he rents out and has offered to make me a partner. Not sure what to do, I don't want our situation to put his asset at any sort of risk, would the IVA be able to make a claim against this land if I did become a partner?
Enjoy reading all the posts on the forum, nice to know others are going through the same situation!
Thanks
It depends upon the circumstances of the partnership. Is he intending on making you a partner only in receipt of a share of the rental income, or a full partner with part ownership of the land ?
If he retains full ownership of the land there should be no problem, however your share of the rental income will be included in your disposable income calculations.
If, however, he transfers / shares ownership of any of the land, then this could be captured by the IVA.
Personally and for the sake of the avoidance of any doubt, I would try to resist / delay any changes until the IVA has concluded.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
