Top business broker's IVA revealed
Top business broker's IVA revealed
Friday 7th November 2008
It emerged this week that Staveley, who played a crucial role in brokering Barclays' recent £5.8bn cash injection and was also involved in the takeover of Manchester City football club, is paying back creditors through an IVA.
The agreement stems from debts acquired four years ago, when Ms Staveley was handed a bankruptcy petition by Barclays after one of her business ventures ran into trouble.
As the Daily Mail explained: "An IVA gives someone who owes money a breathing space to pay off some or all of their debts."
The former girlfriend of Prince Andrew is a partner in PCP Gulf Partners, which recently advised Sheikh Mansour bin Zayed Al Nahyan over his proposed £3.5bn investment in Barclays.
Staveley's firm stands to make about £40 million in profit from the deal, according to reports.
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