Hi, could someone please tell me reasons why and IVA can be extended. For example if its found that you owe a small amount due overtime, bonus not been paid up to date. Will they extend or give you option to pay whats owed in one amount so IVA can be closed down. Thank you
Hi. Yes, it can be extended to make up arrears, or, if you have the funds available they will accept a lump sum.
It can also be extended to make up any shortfall in a promised dividend (some arrangements, though not so much these days, have a minimum dividend expectation).
It can be extended in lieu of equity, dependent on the relevant clauses being in the agreement.
And, finally, it can be extended to allow for more admin time to tie up the loose ends ( although payments are not required during this time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
