Morrissey opts for IVA to avoid behaving badly
Morrissey opts for IVA to avoid behaving badly
Wednesday 19th August 2009
He told the News of the World that he felt filing for bankruptcy would not have been respectful to his creditors and that the adoption of an IVA was the right thing to do.
He said: "Bankruptcy's the easy way out. I decided no, I'd step up to the plate, try to do the right thing and get everyone their money back."
"I feel morally obliged. Afterwards I'll feel better about myself. Now I'm working very, very hard every second out there to earn another penny. I don't sit around and get depressed about things. It's not my character."
The Waterloo Road actor lost £2.5 million after investing in a collection of hotels and pubs. The company overstretched and collapsed.
Morrissey said that he had come to his decision despite the fact that a number of people had advised him to take the "easy" way out and declare himself bankrupt.
He commented: "People advise you to take the easy route – it'll only last a year and you'll be back up and running.
"But I just thought there are too many good people who've lost their money on these deals and I wanted to repay them as much as I possibly could."
People who find themselves facing bankruptcy but would like to investigate entering into an IVA in the hope of, like Morrissey, paying back their creditors should speak to a debt management specialist.
News article brought to you by Debt1 – Confidential Advice for Managing Debts
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