Is a windfall included in this GT clause ?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
Post Reply
 
 

Suedl82

User avatar
Posts: 1
Joined: Tue May 27, 2014 5:25 am
Post by Suedl82 » Tue May 27, 2014 5:25 am
Quote
I am 18 months into my IVA with GT. I have read my proposal and there is not a windfall clause. There is a clause that states "Should I receive any additional sums which were not included in the original imcome calculation.... if these sums excedd 10% ... then I shall disclose the receipt of such monies within 14 days and pay 50% of the monies over and above the 10%". Would a windfall be included in this clause?
Top
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:
Post by Michael Peoples » Tue May 27, 2014 9:10 am
Quote
This would not be a windfall clause but refers to overtime etc. There is almost certainly a windfall clause in the proposal or terms and conditions so ask GT where to find it.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
Top
 
 

Ralph

User avatar
Posts: 53
Joined: Sat Jun 18, 2011 3:32 pm
Location: United Kingdom
Post by Ralph » Tue May 27, 2014 9:31 am
Quote
Hi Sued182

Both the Protocol T&C's and the R3 version have the windfall clause in, so it will apply to your IVA. GT will be able to guide you on what to do.
Ralph Paxton
Insolvency Specialist
Rooney Associates
Top
Post Reply
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”