Staveley Repaid Debt To Bank Under IVA

Amanda Staveley, the businesswoman who played a crucial role in brokering Barclays' £5.8bn middle eastern cash injection, was on the brink of going bankrupt four years ago and one of her remaining creditors is Barclays itself.

Staveley is still working through the final stages of an individual voluntary arrangement (IVA) which is a device used to restructure debts to avoid bankruptcy.

A spokesman for Staveley stated last night that the matter was "ancient history" and insisted repayments through the IVA were set against an agreed timescale and could not go faster.

According to Staveley, a partner at PCP Gulf Partners suggested Sheikh Mansour bin Zayed Al Nahyan on his proposed £3.5bn investment in Barclays for a 16% stake.

Her IVA is understood to relate to a concerned internet venture which fell into troubles several years ago.

The £110m in fees that PCP is to get for advising Sheikh Mansour are to be paid directly by Barclays. The firm is likely to make to a profit of about £40m for her efforts.

She is one of a handful of advisers paid up to £300m in fees by Barclays for its attaining funds, which is causing controversy because existing shareholders are being frozen out of the deal. Barclays has to increase the funds to meet government demands to bolster its balance sheet. Among others receiving fees is the Qatar Investment Authority, which sets £2.3bn to acquire a 15% stake in Barclays. IVA is the only way which can help her out to solve such critical situation of debt.

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