In more detail
If the bank has repossessed a 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. That amount is how much the bank will lose and let them be able to claim in your IVA for that amount. They can also vote on the IVA based on that amount.
If the bank have not yet repossessed the foreign property then you should still include them for this estimated shortfall and notify them. It is best the are notified by email and post.
To discuss Individual Voluntary Arrangements and foreign banks further, please don’t hesitate to contact us.
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If you would like to know more about an IVA and foreign creditors please speak to one of our team today.
