I hope somebody can give me some advice. I entered into an IVA after the business that I was a joint partner in hit difficulties last year. I was always told that the IVAs for myself and my business parter were exclusive. Unfortunately my business parter failed his IVA and declared himself banktupt a few months ago.
I've now found out from my supervisor that all joint preferential creditors will now be paid out of my IVA - so the preferntial part of my IVA has doubled. This came about as I was planning to try and arrange a settlement figure at the end of the 2nd year of the IVA (it lasts for 5 years in total). He kind of explained to me that it's unlikely that this could be done now, as the non-preferential creditors will now get very little and are unlikely to agree on a settlement figure.
I was hoping on a settlement figure less than the final full amount if I could finish it early. But it seems now I can't and may have to stick out the 5 years.
I understand that this is what I have entered into, but any advice or help would be hugely appreciated.