An individual owned 2 freehold public houses but got into financial difficulties and owed in excess of £250,000 to HM Revenue & Customs and a number of trade creditors.
There were also mortgages over both properties.
A bankruptcy petition had been issued against the debtor which he was unable to discharge.
An IVA was proposed allowing the debtor to trade on the business making monthly contributions with a lump sum payment in the final year.
The contributions were made for the duration of the IVA and the debtor re-mortgaged one of the properties in the final year.
As a result all creditors were repaid in full and the debtor was able to retain the business including both properties.