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Important announcement regarding Varden Nuttall

Varden Nuttall Limited (‘the Company’) was placed into Administration on 24 March 2016.

The Joint Administrators, Ben Woolrych & Phil Pierce of FRP Advisory LLP and Paul Boyle & Tom Bowes of Harrisons Business Recovery and Insolvency Limited, act as agents of the Company and without personal liability. Paul Boyle & Tom Bowes are licensed by the Insolvency Practitioners Association and Ben Woolrych & Phil Pierce are licensed by the Institute of Chartered Accountants of England and Wales, all Joint Administrators are bound by the Insolvency Code of Ethics.

How To Settle an IVA

Many people in debt take out an IVA or individual voluntary arrangement in order to ease their financial situation by reducing their overall monthly repayments.

In some circumstances it may be possible to settle an IVA early. If you come into money and have excess cash flow that you previously didn’t have when you initially took out the IVA, it is important that you inform your IVA supervisor. The IVA supervisor will analyse the situation and inform the creditors as they will need to know where the money originates from and that there is evidence that it is available to settle the IVA.

The process surrounding this settlement is called a variation meeting in which the IVA supervisor will call a meeting with the creditors to put forward a new proposal which encompasses the new sum of money acquired for debt repayment. If the creditors accept the new proposal, there is a time limit by which the money needs to be paid, usually around 3 months. Once the creditors have received the funds, the IVA will be complete.

If you are in debt and would like to discuss you options, whether it is an IVA, a debt management plan or bankruptcy, please contact Debt Release Direct on 0800 019 7465.