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Considering an IVA? Benefactor of a Will?
Monday, August 6th, 2007If you are you are the benefactor of a will and inherit some money or property while you are in an IVA or while an undischarged Bankrupt, your inheritance may have to be made available to your creditors to repay your debts.
It is an offense not to disclose such information to either your IVA supervisor or Trustee in Bankruptcy.
This is more relevant in the case of an IVA which normally lasts 5 years, which is longer than bankruptcy, normally lasting 12 month.
Consider getting the will changed to the name of someone not currently involved in insolvency procedures or get the money put in trust until such a time your IVA or Bankruptcy will have completed.
