Friday 27th of March 2009
Paul Rankin has avoided bankruptcy after entering into an individual voluntary arrangement (IVA) with creditors.
The celebrity chef and his business partner wife Jeanne had been served with a petition over debts to Arnotts Fruit.
But after a private hearing at the High Court in Belfast it was confirmed that this had been dismissed, with agreement between the two parties being reached.
"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," said Rankin.
Those who are struggling with debt and hoping to secure a similar agreement may wish to seek IVA advice, as such a solution would see the borrower pay back only what they can afford.
Prime minister Gordon Brown recently announced a package of support for those struggling with debt management issues, including plans to introduce new rules to govern enforcement.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Equity release "a major commitment"
