Newgirl2014
Registered User
- Messages
- 18
Hello,
I have been a daily reader of this site for the last few years.
I would like to report that my wife successfully completed a UK IVA, and failing that was ready to do a UK bankruptcy, whereby 3.5 million euro of debt was settled for 40,000.00€, that's forty thousand euro.
The debt was a personal guarantee to a loan to her parents business of which she was a director but not a shareholder.
There were some particular circumstances, in early 2009 her parents company offered the bank, AIB, the company assets, values at 3.5m, to set against the debt and they refused to take it. They never managed to furnish a copy off the actual signed personal guarantee but my wife had her copy and it had been done through the company solicitor. All assets owned by my wife, property, investments etc were surrendered by her to the bank in advance of the IVA. She did try to sell them but they never agreed and sale price she was offered.
Several people were excellent along the way, notably Anthony Joyce solicitor Dublin and Steve thatcher. We cannot give higher praise to either. Steve Thatcher knew we were hoping to have the IVA passed, but we still had to prepare for bankruptcy. He could not have been more helpful,gave a great deal of time and information free of charge. Anthony Joyce could not have been better or fairer either. I also must mention Jim Stafford who gave free advice over email and phone when the pressure was really on. Those three people acted with great integrity and kindness. We were very impressed. We also must report that at no time were we treated shabbily or badly by AIB, they were always professional, but an agreement was never on the cards, just rolling terms of interest only loans. A similar story to many i have read here, no movement with them at all. My wife relinquished (lost) all her assets but we have our freedom and sanity back. A family member put up the forty thousand which of course must be paid back now over the next number of years.
Yes you have to establish your COMI just as if to do a bankruptcy, to do an IVA. The benefit is no one year afterwards to live out. We plan in heading to Australia for a few years. We have three small children. I will be online for about a week to answer anyone's questions, by way of giving back to a forum that saw us through many a bleak month, but after that I will be logging out. Thank you, especially to Brendan burgess for this brilliant forum and to the regular contributors.
I have been a daily reader of this site for the last few years.
I would like to report that my wife successfully completed a UK IVA, and failing that was ready to do a UK bankruptcy, whereby 3.5 million euro of debt was settled for 40,000.00€, that's forty thousand euro.
The debt was a personal guarantee to a loan to her parents business of which she was a director but not a shareholder.
There were some particular circumstances, in early 2009 her parents company offered the bank, AIB, the company assets, values at 3.5m, to set against the debt and they refused to take it. They never managed to furnish a copy off the actual signed personal guarantee but my wife had her copy and it had been done through the company solicitor. All assets owned by my wife, property, investments etc were surrendered by her to the bank in advance of the IVA. She did try to sell them but they never agreed and sale price she was offered.
Several people were excellent along the way, notably Anthony Joyce solicitor Dublin and Steve thatcher. We cannot give higher praise to either. Steve Thatcher knew we were hoping to have the IVA passed, but we still had to prepare for bankruptcy. He could not have been more helpful,gave a great deal of time and information free of charge. Anthony Joyce could not have been better or fairer either. I also must mention Jim Stafford who gave free advice over email and phone when the pressure was really on. Those three people acted with great integrity and kindness. We were very impressed. We also must report that at no time were we treated shabbily or badly by AIB, they were always professional, but an agreement was never on the cards, just rolling terms of interest only loans. A similar story to many i have read here, no movement with them at all. My wife relinquished (lost) all her assets but we have our freedom and sanity back. A family member put up the forty thousand which of course must be paid back now over the next number of years.
Yes you have to establish your COMI just as if to do a bankruptcy, to do an IVA. The benefit is no one year afterwards to live out. We plan in heading to Australia for a few years. We have three small children. I will be online for about a week to answer anyone's questions, by way of giving back to a forum that saw us through many a bleak month, but after that I will be logging out. Thank you, especially to Brendan burgess for this brilliant forum and to the regular contributors.
