Green v Wright
Upon issue of the completion certificate, the debtor is released from all debts subject to the arrangement, creditors cease to have rights under the IVA, and the purpose trust ends; therefore, PPI proceeds received after completion should be paid to the debtor, not distributed to creditors.
- Parties
- Appellant: James Green; Respondent: James Patrick Wright
- Jurisdiction
- England and Wales
- Judgment Date
- 09 February 2015
- Procedural Posture
- Appeal / Judgment
- Outcome
- Appeal dismissed
- Legal Topics
- Individual Voluntary Arrangement (iva), Trusts, Completion Certificate, Payment Protection Insurance (ppi) Compensation, Distribution of After Acquired Assets
Case Brief
Summary, issues, holding and outcome
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Parties
James Green
Appellant
James Patrick Wright
Respondent
Procedural Posture
Appeal / Judgment
Legal Issues
- 1 Whether proceeds from PPI mis-selling received after completion of an IVA should be distributed to creditors or paid to the debtor
- 2 Interpretation of IVA Standard Conditions regarding trusts and completion
- 3 Effect of completion certificate on creditors' rights and supervisor's powers
Ratio Decidendi
Upon issue of the completion certificate, the debtor is released from all debts subject to the arrangement, creditors cease to have rights under the IVA, and the purpose trust ends; therefore, PPI proceeds received after completion should be paid to the debtor, not distributed to creditors.
Court Disposition
Appeal dismissed
Orders
- Extension of time for appealing granted
- Permission to appeal granted
Full Case Text
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