# UK IVA for Irish debt



## Newgirl2014 (9 Jan 2014)

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.


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## 44brendan (9 Jan 2014)

Excellent result. Good to hear from someone who has come through the system successfully. Was the AIB debt based in UK or Ireland? It would be surprising to hear that a UK IVA could be agreed on an Irish debt!


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## Newgirl2014 (9 Jan 2014)

Ireland. A business loan to parents co. Father also gave personal guarantee. He is still dealing with bank as not able to go to the uk to do COMI.


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## Newgirl2014 (9 Jan 2014)

Is is European debt as such remember, that is why one can go to the UK, or indeed France or Italy, to use an insolvency process to deal with it.


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## javanaise (10 Jan 2014)

Hi there Newgirl,

Thanks for posting. Can you tell us how long this process took, from moving to the UK to being free of all debt?


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## Steve Thatcher (10 Jan 2014)

Ahh Newgirl, how good does 2014 feel now ;-)

Good luck this year.

Steve


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## virgo2011 (10 Jan 2014)

*Well Done Newgirl2014*

Congrats to you and your wife, great to hear that u are now free & able to get on with living. Excuse my ignorance but what is IVA? And as I think was already asked how long did u have to reside in the UK?

Once again well done and thx for sharing your story on this forum.
V


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## Newgirl2014 (11 Jan 2014)

Thank you Steve!!!! It still doesn't feel real. Still waiting for someone to tap my shoulder.....


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## Newgirl2014 (11 Jan 2014)

Java & Virgo, it took the six months of COMI. My wife went to work in London, she was probably there seven months by the time the paperwork was sent. She is still working there, but will now make a plan for the future. She had surrendered all Irish assets and closed all bank accounts. IVA individual voluntary arrangement, similar to DRA here, you can pay a sum monthly over a period of time say, or you can pay a lump sum as in this case. Obviously the lump sum, 40k, had to be borrowed so has to be paid back.


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## ccraig (11 Jan 2014)

*Sponsorship visa Australia?*

Congrats on getting through it.
Out of curiosity for the move to Australia did one of you secure sponsorship visas?

A friend fed up with her job here shot out to oz with no job offer or sponsorship visa before Christmas and within 2 weeks had 3 Job offers and sponsorship offer. Currently in Sydney and loving it


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## Newgirl2014 (11 Jan 2014)

No. We just starting now to make a plan. We were not even in a position to think about it until now, as if she had to do a bankruptcy it requires staying in the UK most likely for another 12 months, even though I know you can apply to move outside the jurisdiction. For us we would have just seen out the 12 months to freedom.


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## javanaise (11 Jan 2014)

Sincere thanks for the information. I'm hoping to go down this route myself. All the best in your new life
BTW why are you called NewGirl??


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## virgo2011 (11 Jan 2014)

Thx Newgirl for your answers to my questions. Wishing you the very best in your new venture and best of luck in 2014!
V


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## Newgirl2014 (11 Jan 2014)

...... Cos my wife is a New Girl with this weight off her shoulders ....... 2014 is a new year....it's like being given a new life.....


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