lost everything seems like all for nothing.

[sandra]

Was sole trader and entered into an IVA approximately two years ago. As I owned two properties and there were monies outstanding to me from outstanding business invoices, iva practitioner given control of sale of properties and power to claim for all outstanding debts to me.

I was then informed that I would not have to pay any regular money but that money raised from the above would cover iva payments and creditors happy with that. Despite attempting to contact IVA practitioner since requesting final outcome and details of who paid what I have never received notification of anything. I have now had debt collectors round on behalf of council stating that I owed money. On contacting council I have been informed that despite receiving notification from IVA co. they never received any money and therefore I am still liable for debt. Is this correct and how do I find out what monies were raised and if outstanding debts to me were collected and allocated. Confused and very worried as lost everything and seems like it all for nothing.

[freelili]

Oh Sandra

This all sounds dodgy, I am no expert but it should be legally binding if these creditors are part of the IVA therefore you are legally protected from them. They might be trying it on or maybe the IP company time scales might not match the creditors. You could look insolvency register to see if an IVA is registered. What company did you use? I hope one of the experts will be able to advise you on this.

LILY

I asked God for a solution and have to live with his reply.

[gimmewine]

What a nightmare for you, I really feel for you.

However, the key here is staying in control. You have surrendered control of two properties and a business to your IP. If your IP has realised profits from the assets and not distributed them, I would imagine they are liable to refund you those profits as they have not discharged their duties under the IVA.

So, first of all you need to dig out your contract with the IP and the detailed agreements which should include estimated equity in the properties and business etc. Then you need to find out if the properties/business were sold and how much they realised. Property sales will be recorded in the land registry so that should not be too difficult.

Then, post all the details on here (or privately through the ask the experts a question option) so the experts can advise you properly. You can contact your IP armed with all the information and insist on an urgent meeting to discuss this development. Give them a timescale to respond and if they don't, put in a complaint to their governing body.

Yes, it is more hassle right now, but you are not helpless here. There are things you can do. At the darkest times, remember you still have your health and the love of your family and friends and no creditor can take that from you. I (and I am sure many others on here) will be thinking of you.

[MelanieGiles]

Hi Sandra

Your IP should have been providing you with at least a formal written report each year advising you of his progress in realising your assets and paying creditors. It is quite unusual to see control of the assets handed to a Supervisor, and he would not be able to give good title to your properties in the event of a sale.

I think that it is now time to ask your IP some serious questions as to what has been happening to your money over the last two years.

You should also check your IVA proposal to see if the Council were included as a creditor. If so, refer them to your IP directly.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[sandra]

Thank you all for advice>
Have attempted contact with IP on several occasions but he does not seem to want respond. I gave him power to control sale of properties etc and he appointed estate agent and solicitor. I also signed documentation allowing him to attempt to collect outstanding debts to me. Council were listed as one of the creditors and they have confirmed that they received initial letter from IP. I have received no information whatsoever from anyone. For all I know there may be warrant out for my arrest!!! Not sure if it gets that serious. He, I believed, is a reputable practitioner and letterhead states he is registered by the Insolvency Practitioners Association. Having never previously been through anything like this before have not been too worried about not hearing from him as when he advised me that creditors had agreed proposals he told me to 'go off and enjoy rest of life and not worry'.Hey ho isnt life grand!!!!!!

[MelanieGiles]

Well he is not doing a very reputable job if you have not had an annual report from him for over two years. I suggest that you send him a stiff letter asking for an update with say a 14 day time limit in which to reply, and then threaten to file a report with the IPA if you receive not response. Are you able to share with us the identity of said firm?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Aaron]

Oh dear Sandra, doesn't sound too good, but the advice from Melanie and others should help you...You should write to him, email him a copy of the letter and phone him, leave a message with his secretary...let him know you're on his case! Check out this link to see if your IVA is recorded - http://www.insolvency.gov.uk/eiir/

Also think you should name and shame him on here!

Good luck with it all and keep us updated.

[David N]

Hi Sandra,
Sorry to hear the woes you have suffered - surely the IP should have kept you informed - I just wish I had found this forum earlier and that I could have offered my service then, 2 properties and debts due to you and I reckon, even not knowing the circumstances at least something could have been saved.
Do you feel you have been wrongly advised?
Do you feel IP has been negligent?
Personally I would now only write and make sure I only post by 'Special Delivery' and the language of my letters might grow in strength and assertveness.
Worthy to note that local authorities are now resorting to bankruptcy for non payment of council tax, (business rates or domestic) - they are finding it more effective than Magistrates and fines etc.
Regards
David N