IVA’s- (England and Wales)
IVA contracts are much more complicated than Scottish Trust Deeds and require significantly more work in establishing if you are entitled to any refund. This is due to amongst other reasons:
- The terms of your IVA proposal.
- The Standard Conditions that applied when you proposed your IVA.
- Any modifications that were proposed and accepted during the Creditors Meeting (when your IVA was approved).
- Any modifications made during the term of your IVA.
- Any “mass variation” that was proposed by your IVA Supervisor and agreed to or not by you.
- The date when your IVA commenced.
Trust Deeds- (Scotland)
These are less complicated than IVA’s but still require work to establish if a refund is due to you.
On rare occasions some Trustee’s will apply to The Court’s to “Re-Open” a Trust Deed if a refund is received after your discharge.
A number of cases are before the Courts objecting to a Trustee trying to re-Open a Trust Deed, and we are aware of cases whereby the Court’s have refused to allow them to be Re-Opened.