Self Employed Farmers

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Evelyn & Darrell traded in partnership, as Dairy farmers. Historically, they traded as tenant farmers, before acquiring agricultural land and a farmhouse in the 1990’s. Although the acquisition of the farm was funded without borrowing, they needed to acquire various items of machinery and equipment, and this was done subject to Hire Purchase agreements, with a several different lenders.

The business required more equipment and working capital in order to expand.  To facilitate this, the partnership obtained a mortgage, which was secured against the farm, and over the years the farm was refinanced on numerous occasions. 

In later years, unfavourable weather conditions, coupled with high borrowing, had a disastrous effect on cash flow.  Evelyn and Darrell attempted to keep in touch with their creditors but found that it was a constant struggle to meet their liabilities, and the business eventually exceeded its existing facilities.   

They reached the difficult conclusion that the farm should be marketed for sale and approached their solicitor for advice, who recommended that they speak to Beverley Budsworth at TBDA.  


In view of the complexity of their affairs, and after careful consideration of the options available, it was agreed that it would be beneficial for Evelyn and Darrell to enter into interlocking IVA’s.   

The terms of the approved arrangements provided for the sale of the farm, and for Evelyn and Darrell to make affordable contributions until such time that a sale was achieved.  It was also authorised that Evelyn and Darrell should retain the sum of £10,000 as a deposit for rental accommodation, and other associated expenditure.   

In an attempt to secure maximum offers, work was also undertaken to remove an existing agricultural restriction on the registered title.  After concerted efforts, a sale of the farm was completed and a sum exceeding £155,000 was paid into the arrangements.   


The IVA’s were approved, implemented and concluded successfully. Evelyn and Darrell used the funds retained from the sale to secure alternative accommodation and felt immense relief when matters had concluded. Unsecured creditors also benefited from a significantly better return than was likely in the event that Evelyn and Darrell had been forced into Bankruptcy.

Evelyn’s Comments

“We did not know where to turn and approached TBDA after they were recommended by our Solicitor. We were extremely upset, but when they took over it was a huge relief. Bev was marvellous and the whole team was good, especially Laura Walshe. We just wish we had gone to them sooner.”

Situation Before IVA & Approved Solution

Total Unsecured Debt: £448,607.82

Total Repaid £139,033.14

Dividend Received by Creditors (p/£)30.99

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