I am not an Insolvency Practitioner but if any of you out there can offer your opinion I would be very grateful.
I had a sole trader client enter into an IVA last year - applied for in April 2011 and approved in June 2011. Obviously not being the IP, I had no role in the IVA process, only in supplying the profit figures for 2010-2011 that formed the basis of HMRC's claim. As the IVA was not finalised until June 2011, this means the 2011-12 s/e earnings also fall under the IVA - but of course these could only be forecast at the time. The problem is that 2011-12 profits are likely to be greater than forecast. HMRC's original claim was for £3,750, and it is likely that this should have been nearer £5,500 given the higher than expected 2012 profits. As an aside, the total value of all claims was approx £58,000 of which HMRC claimed £3,750. THIS WAS A FULL AND FINAL SETTLEMENT IVA, NOT AN ONGOING ONE. I assume, as this was a full and final settlement IVA that HMRC cannot reappraise their claim as it has already been settled? And if so, are there any repercussions for either me or my client? Can HMRC claim "foul" in any way?