Hi Frank, I think this requires an expert reply to ensure it's concise but I feel personally it would all be dealt with and your money would be safe for your creditors.
Your business would move over to another company and a change of IP for you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Agree with Lisa on this one - it has happened in the past twelve months where Cleardebt took over another company. You just carry on paying your IVA as normal and you will eventually receive correspondence from your new firm.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Just to echo what has been said, in the event of an IVA provider going bust, all cases would be assigned to a different company / IP and the IVA proceeds as normal.
Unfortunately it happens, but Mike and the others are quite right. The IP supervising your case and the letterhead may change, but you don't need to worry about your terms or payments changing.
All funds held by an IP are held in a client account which is held on trust. This means that it is held outside of the normal company money and can not be used to pay any debts of the company, if in the unlikley event the funds have been used by the IP for non IVA purposes then this is covered by the "bond" which each and every IVA has. Your money is safe and will be used to pay your debts,as above if the specific company goes then your case will be transferred to another IP who will progress as required.
James Kaye and Nick Morgan, Insolvency Practitioners with over 30 years combined experience.
