F&F offer advice please

[Foggy]

The true figure should be detailed in your paperwork, Evilmoo. But, whatever it actually is shouldn't really be an issue as that is what the creditors have agreed ( dictated, in many cases).

DFD have, as you might have seen, just taken on a new Head of Insolvency, who might soon be in a position to get DFD back on track to the good firm it once was.

[Evilmoo]

Thanks Foggy. Yes that's the amount quoted on my paperwork

Any idea how long it normally takes to arrange an f&f offer and then how long until acceptance or refusal? I did speak to someone at DFD but he was new so didnt really know how it worked :-s

Thanks

[Foggy]

I think they have to give 28 days notice to creditors for a variation meeting ( which is what a F&F will need). Add to that a couple of weeks to get their act together.

Hopefully an IP will be along later to confirm or deny.

[Evilmoo]

IP said no chance of creditors accepting such a low offer. I would've thought it would have been preferable to bankruptcy as they will get nothing. We will be in negative income by end of July

Disappointing

[Foggy]

Hmmm ... as Mel suggested, wait until the final hour then insist that DFD put the offer to the creditors -- it is their choice to accept or allow BR -- not that of your IP. But -- and a big but ... you have to be prepared to go down the BR route as the variation is likely to be worded in such a way that, if the creditors refuse then BR WILL follow.

[Evilmoo]

They did say they would put the offer forward but saw no point as it wouldn't be accepted. I really don't want to go bankrupt but may end up with no choice. They suggested we try to get more funds to offer towards f&f but don't think that will happen.

Will just have to wait and see.

I could win the lottery by then lol

Thanks