BN66 - Court of Appeal and beyond

[warlord]

Sleeping maybe just a little better tonight now.

Just spoken to an IP (Insolvency Practitioner) regarding an IVA (Individual Voluntary Arrangement) and it looks like in my case bankruptcy may now not be an option. Thank god.
So basically the job of the IP is prove to the creditors that they will get more money going down the IVA route than the bankruptcy route.
In my case, I have no liquid funds or assets and only 80K equity in my house (which my wife jointly owns); so 40K is my share of this, of which HMRC may get if they went down the bankrupting me route.
So if I can afford to pay into the IVA £1000.00 per month, over 5 years totaling £48k (Yes I know its close). HMRC say I owe 110K, minus the 48K and the remaining 62k gets written off after 5 years. Happy days☺
There is lots too do on this still and more work to be done (plus everybody’s circumstances are different), but it’s better than going down the bankruptcy route. I keep my house; I keep the 80K equity in my house. Just one clause that is annoying is that HMRC will insist that in 4 year of the IVA a revaluation is carried on the house. This will complicate things if house prices increase, and an additional year may be put onto the IVA (moving it to 6 years). I am looking into this point in further detail.
My IP says in his experiences of dealing with HMRC typically they do agree to the above…..

[portseven]

Did anyone contact that ex HMRC fella? Was a bit earlier in the thread

[bombaycat]

Letter sent to my MP and the Treasury Committee.

Letters sent to both my MPs

[SantaClaus]

I actually think it may come to that....... I'll get my kids to make a placard this weekend. I'll tell them if they make a good one we may not need to sell the house.

Nice one.

My 3 year old is very good at drawing monsters, so caricatures of the main HMRC stooges shouldn't be a problem

[Disgusted of Coventry]

absolute power corrupts absolutely

You're probably right.

I still wouldn't rule out giant extra-terrestrial seed pods, though.

[BarneyCool]

Did anyone contact that ex HMRC fella? Was a bit earlier in the thread

Yes, funnily enough I did today!

[funjim]

done

Letters sent to both my MPs

mine sent

[DonkeyRhubarb]

Just spoken to an IP (Insolvency Practitioner) regarding an IVA (Individual Voluntary Arrangement) and it looks like in my case bankruptcy may now not be an option. Thank god.
So basically the job of the IP is prove to the creditors that they will get more money going down the IVA route than the bankruptcy route.
In my case, I have no liquid funds or assets and only 80K equity in my house (which my wife jointly owns); so 40K is my share of this, of which HMRC may get if they went down the bankrupting me route.
So if I can afford to pay into the IVA £1000.00 per month, over 5 years totaling £48k (Yes I know its close). HMRC say I owe 110K, minus the 48K and the remaining 62k gets written off after 5 years. Happy days☺
There is lots too do on this still and more work to be done (plus everybody’s circumstances are different), but it’s better than going down the bankruptcy route. I keep my house; I keep the 80K equity in my house. Just one clause that is annoying is that HMRC will insist that in 4 year of the IVA a revaluation is carried on the house. This will complicate things if house prices increase, and an additional year may be put onto the IVA (moving it to 6 years). I am looking into this point in further detail.
My IP says in his experiences of dealing with HMRC typically they do agree to the above…..

From what I've read, HMRC are becoming increasingly awkward when it comes to IVAs.

Tax debt and bankruptcy « TaxAid

"However, it can be difficult to obtain HMRC’s agreement to an IVA. In practice about half the proposals submitted are likely to be rejected by HMRC."

This is why we need to keep up the pressure through political channels to try and get HMRC to act reasonably.

Bankruptcy should be a last resort.

[marcuss]

Already written to my MP. Now done the same to the Treasury Committee...

Why MontP are not saying anything? Should be not be told of what is likely course of events from now on (and how we would become bankrupt and/or tribunal procedures etc) as I am in complete dark apart from some light rays coming out from this forum!!!

[MuddyFunster]

Letter sent to Zac Goldsmith and Treasury Committee.