Iva and further credit.

[bonzo123]

apparently The insolvency practioner needs to give express permission to take out further credit in connection with Ivas. if a facility for credit existed before the Iva was taken out (credit card) but not used until recently for a new veihcle to continue in buisiness, what would the implications be if the Iva company was told by the card holder that he had used the facility for a good reason, but had simply forgotten to tell them of its existence.

[4GS]

The company administering the IVA have the legal right to apply for a bankruptcy order to be taken against the people mentioned in the IVA.
I imagine that before the IVA was put in place that all credit cards/agreements would need to be declared, therefore the card users could be in breach of the agreement.