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Will my IVA Bind the Spanish Bank or other Foreign Banks I owe money to?

Yes it will. You should make sure the foreign bank are on your creditors list and that they are notified of the proposed IVA (Individual Voluntary Arrangement). Also it is worth notifying any management company as well as the local authority for council tax arrears.


If the bank has repossessed the property from you, (a typical example in this case being a Spanish holiday home), then you need to estimate the shortfall on sale as an unsecured amount – i.e. how much the bank will lose and let them be able to claim in your IVA for that amount. They can vote based on that amount.

If they have not yet taken back the property (for example – they may not do so, so that you are still liable for the local taxes and estate costs of the property) then you should still include them for this estimated shortfall and notify them.

To discuss Individual Voluntary Arrangements and foreign banks further, please don’t hesitate to contact us.


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