In my chairmans report it does not mention 10% 50/50. Can I keep my overtime ?

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deeps227

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Post by deeps227 » Mon Mar 17, 2014 9:14 pm
in my chairmans report it does not mention 10% 50/50 about overtime or anything relating to it. does this mean I can keep all my over time worked?
 
 

kazzafunk

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Post by kazzafunk » Mon Mar 17, 2014 9:34 pm
I have not heard of an IVA recently without this clause in.

When did your IVA commence? I would definitely check with my IP if I were you.
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Foggy

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Post by Foggy » Mon Mar 17, 2014 9:35 pm
It isn't often mentioned in the Chairman's Report, but it should be in the actual proposal.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Tue Mar 18, 2014 11:09 am
Foggy is right. If it was not written into the proposal creditors would have introduced a modification.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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MelanieGiles

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Post by MelanieGiles » Tue Mar 18, 2014 3:17 pm
Not necessarily - it depends on who the creditors are. A self-employed case, comprising of a lot of trade creditors for instance would probably not get this by way of a modification. And if it were already in the proposal, surely the origianl poster would have known about this - it being an express term which should have been explained prior to signing.

Check with your own IP dees227 for absolute and clear clarification.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Michael Peoples

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Post by Michael Peoples » Tue Mar 18, 2014 3:26 pm
Yes but the poster wants to know if he/she can keep their overtime so they must be in a PAYE position. I do agree this is poor if the poster does not know the contents of their proposal or their obligations under it. He/she needs to speak to their IP because if they do not understand a basic tenet of the IVA there is a possibility of other things they are unclear about.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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MelanieGiles

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Post by MelanieGiles » Tue Mar 18, 2014 3:30 pm
Good point Michael! If often wonder if we left some of those clauses out, whether creditors would actually spot that they were not it. I am not sure that most of them even read the proposals these days.
Regards, Melanie Giles, Insolvency Practitioner
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