chairmans report

[caraf]

Hi
My IVA was approved at the creditors meeting on the 27th december and I still have not received my chairmans report or any paperwork. How long does this normally take to come through??

[pbeck]

The Rules don't require the debtor to be sent a copy of the Chairman's report, if you want a copy ask your IP for it, but they should have told you by phone or email already what the outcome of the meeting was and what they now want you to do about payments etc.

Don't get too excited waiting for your Chairman's report, it's not really that interesting !

Philip Beck

Licensed Insolvency Practitioner and IVA specialist

[MelanieGiles]

"Not that interesting"!! - the Chairman's Report and modifications contained therein, form a vital part of the contract between debtor and creditor, and an IP failing to send a copy of the report to his client is not doing themselves a very good service - especially when a lot of firms use this document for retrospective agreement to modifications after the meeting has been held in contravention of SIP 3.

I frankly do not know of any IPs who would not send a copy of this report to their client, but Philip is right in that there is nothing in the legislation to require this. This is because the leglislation was drafted when it was a requirement for the debtor to be in attendance at the meeting - and therefore the assumption was that modifications and therefore the outcome of the case would be known instantaneoulsy by all parties. This is no longer the case in today's sausage machine environment, and you should certainly ask for a copy.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[coupleplus1]

Hi Caraf, it took about 10 days for our Chairmans report to come through and that wasn't including all the Christmas post

[iva experts]

Hi Caraf,

Usually it take a couple of weeks, however as your meeting was the 27th Dec it may take a little longer due to the christmas post.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[emma_t]

I got mine within a few days and agree you need to have this as it has all the modifications clearly laid out for you to sit down and have a good read of and make sure you understand what you have to do and what paperwork you need to provide to your IP and when

[pbeck]

Perhaps I was a bit too flippant in my earlier comment, while the Chairman's report does list all the modifications to the IVA it will be prepared only after the debtor has agreed to all the modifications included in the proxies sent for the meeting. Of course, until the debtor has agreed to these there is no agreement to the IVA, so, as the debtor has already been told about all the modifications proposed, the only other thing stated in the chairman's report is the claims and votes of the creditors and whether the IVA was approved. Ergo, for me, it's just putting down what's already known and agreed.

Philip Beck

Licensed Insolvency Practitioner and IVA specialist

[marsha1]

I received my report 2 weeks after the creditors meeting. I read it thoroughly before signing and returning. It was important to have that time to read and digest the document, while feeling less emotional and more rational. If you don't get it by end of next week just give CS a ring.

[MelanieGiles]

As a matter of interest was this the first time you had seen these modifications, or did your IP send them to you for you to agree in writing beforehand? I always get written confirmation from my clients on the day of the meeting that they have read and understood the modifications, before we finalise and issue the report, which is sent to our clients as a matter of course.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[marsha1]

I had been given the details over the phone on the day of the meeting, they then said that they would post the report and any paperwork to sign (standing order form). I did not disagree to anything over the phone, so I suppose that would be classed as a verbal agreenment?

[MelanieGiles]

That's fine Marsha, as long as word of mouth can be trusted. A reputable IP I know recently got fined £7,000 because she could not show that her client had agreed to modifications which the client later denied giving acceptance to.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[debbiw]

Caraf, Have you received your chairmans report yet?

[caraf]

Yes, my chairmans report and list of modifcations have arrived today. I will read tham all quitely tonight. Sign and send back
If there is anything to post I will do later for you.
Thanks
carol
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