Q&As

In circumstances where a debtor’s income has been excluded from the individual voluntary agreement (IVA) (under excluded assets) since the IVA’s basis is a third party lump sum contribution in full and final settlement of the debts, would a potential payment from the debtor’s employer for breach of contract and unfair dismissal claim count as a windfall (the IVA is compliant with Consumer IVA Protocol 2016 and incorporates the IVA Forum Standard Conditions June 2016)?

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Produced in partnership with Caroline Clark
Published on LexisPSL on 11/11/2020

The following Restructuring & Insolvency Q&A produced in partnership with Caroline Clark provides comprehensive and up to date legal information covering:

  • In circumstances where a debtor’s income has been excluded from the individual voluntary agreement (IVA) (under excluded assets) since the IVA’s basis is a third party lump sum contribution in full and final settlement of the debts, would a potential payment from the debtor’s employer for breach of contract and unfair dismissal claim count as a windfall (the IVA is compliant with Consumer IVA Protocol 2016 and incorporates the IVA Forum Standard Conditions June 2016)?

In circumstances where a debtor’s income has been excluded from the individual voluntary agreement (IVA) (under excluded assets) since the IVA’s basis is a third party lump sum contribution in full and final settlement of the debts, would a potential payment from the debtor’s employer for breach of contract and unfair dismissal claim count as a windfall (the IVA is compliant with Consumer IVA Protocol 2016 and incorporates the IVA Forum Standard Conditions June 2016)?

The Straightforward Consumer IVA Protocol 2016 (the Protocol) is aimed at what are known as straightforward consumer individual voluntary agreements (IVAs) comprising five years of monthly contributions from the debtor’s income and equity release from any property owned by the debtor, 54 months after the start of the IVA. The Protocol states that the possibility of a full and final settlement in the first year of the IVA would be an indicator that the debtor’s circumstances are unsuitable for the application of the Protocol. The question does not state that the third

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