- Wednesday, 16 December 2009A business man who fell into more than £24 million of debt has entered into an
IVA to avoid bankruptcy, it has been reported.
According to This is Plymouth, Plymouth-based John Steven, who owns pubs, restaurants and hotels across the south-west of England and development projects abroad, has seen his fortune evaporate due to the recession.
Many of his businesses have fallen into administration and Mr Steven has been forced to take out an
IVA for over £24 million, as well as making a minimum repayment of £75,000 to creditors.
This could be increased by a percentage of his earnings over the next three years if he makes more than £50,000 per annum, the newspaper reports.
Mike Hockin, chairman of creditor London and Westcountry Estates Group, said the
IVA was accepted because bankruptcy for Mr Stevenwould have been beneficial to no-one.
Speaking of the businessman, he said: "He certainly has a great deal of vision and a lot to give the city [of Plymouth], but unfortunately, he's been caught out. I think he'll come back, perhaps having learned from this."
Recently, it was revealed by SimplyWired.co.uk that 69 per cent of Brits would be willing to take a pay cut in order to keep their jobs and avoid the possibility of falling into debt problems.
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