- Monday, 30 March 2009A TV chef's IVA application has helped him to avoid entering into bankruptcy, reports the BBC.
The broadcaster notes the
IVA help that has recently been arranged by Paul Rankin, known to many from television shows such as Ready Steady Cook.
He was facing bankruptcy proceedings at the high court, but had the case dropped after agreeing IVA terms to repay his debts.
Rankin tells the BBC: "I am grateful to my suppliers and customers in supporting my business.
"And I am committed to the arrangements I have entered into to maximise returns to creditors."
The BBC notes that Arnotts Fruit Ltd is believed to be the only company from which a petition for bankruptcy was received.
Now the chef's earnings are to fund repayments made to his creditors as part of the IVA application.
An IVA could be the solution for other Britons in light of its ability to write off up to 70 per cent of an individual's outstanding debts.
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