IVA Approved...or is it???

[frequentflyer]

Just wondering if anyone can advise me on a rather unusual situation...my IVA was approved at my creditors meeting on 17th Dec. which was a Monday, on the following Friday I got a call from the IP company Wilson Phillips who are part of Accuma saying that due to a problem with their systems and the large amount of modifications I had they had been unable to register my iva with a court within 4 days and therefore my meeting had been what they called "internally adjourned" until 28th Dec. This sent me into wild panic but I was told that it would not prevent the iva being approved as the majority of creditors were in favour in any case.
I also received a letter from them just before xmas with the chairmans report together with a notice of adjournment until 28th Dec at 13.30hrs.
Strangely enough I have also received a letter from Egg that they had been advised my IVA had been accepted.
Anyway....today I waited for a call from Wilson Phillips with the result of the meeting, failed to get one so I tried to ring them on just about every number I have only for it to ring out!!!!
My suspicion is they are closed for xmas, but in tht case why schedule a creditors meeting for 28th???
Any of the experts on the forum have any knowledge on this kind of adjournment and do I have cause to worry or as they have already had all the votes in and I have a majority in favour am I OK???

[MelanieGiles]

No such thing as being "internally adjourned", only formal adjournment proceedings which must be for a very good reason and not IP work overload.

Your IP has a statutory duty to register the IVA with the Registrar within 4 days of the creditors meeting at which it has been accepted, therefore I cannot understand what has happened in this case. If they could spend the time to send an adjournment report, why not spend the same time doing an acceptance report - which in my experience take the same length of time.

And have you been advised of any of the modifications, as you are the only one who can accept them!!!

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

[frequentflyer]

On the day of the meeting I was phoning them for ages to get a result and they were telling me then about problems with their computer systems which had delayed everything when I later discussed the outcome with the chair of the meeting and she read out all of the modifications to me and there were a lot! I accepted them there and then. I was given the option to adjourn to consider the mods but was happy to accept.
I was then told it had been approved, there were only 4 creditors who went down as rejecting and they were only because they had asked for an increase which was less than the main creditor had asked for and therefore they had the mods rejected.
My main concern is obviously now why was the meeting adjourned and does this mean that the creditors vote all over again?
Also why have they adjourned until today when it would appear they are not even there? and of course why have I not been contacted with a result?

[frequentflyer]

I have just read the adjournment notice and it says: "The meeting was adjourned at the chairmans discretion"...if that means anything?

[MelanieGiles]

You clearly have many questions for this firm - which are now perhaps better left between you and them.

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

[frequentflyer]

Melanie, I understand you would be reluctant to speculate on this but I am curious....you said earlier that they can only adjourn for a very good reason not IP work overload. However, the formal adjournment notice states it was adjourned at the chairmans discretion....my question therefore is: Would a systems failure constitute such an adjournment?? & what is the criteria for adjournment at the chairmans discretion?

[frequentflyer]

Can anyone else give me any advice on this???
Obviously I will need to tke this up with the IP but that cant be done until after the extended xmas break so until them I am left in limbo.....if my meeting had been adjourned say, for me to consider the modifications and then a new date set, provided I agreed to the mods would the meeting simply be opened and then closed with the iva being accepted OR do they have to re-canvass the creditors for anew vote?? Obviously my meeting was for some reason adjourned, what I am anxious to know is given the support by the creditors for my iva is it likely it will be a formality that it will still be accepted??....I thought I had got rid of all these worries and now they have come back to kick me again, it just doesnt seem fair!!

[Adam Davies]

Hi
It will be a formality,nothing to worry about and your creditors will not be voting again.
I suspect an oversight somewhere with your IVA provider and one that they will rectify once the office opens again.
I would speak directly with the chairman and ask him to send out his[the chairmans]report to you.
Not the best service in the world from Wilson Phillips is it ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[frequentflyer]

Thanks Andie that puts my mind at rest!
I got the chairmans report at least a spreadsheet along with the notice of adjournment, it gives the results of the votes and lists all the creditors, is that what you are referring to?
Im hoping this will be all done and dusted next week when I can actually talk to someone at wilson phillips that is!!!!

[MelanieGiles]

This may be a formality, but one which is totally unecessary in my opinion. If this firm can push out the sort of report that they have done to adjourn this proposal, why on earth could they not have done a proper Chairman's Report. To be frank I am speechless, and cannot understand why no-one has had the courtesy to telephone you today to advise you of the outcome.

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

[frequentflyer]

Just to update this sorry saga.....I finally managed to get a reply at Wilson Phillips this morning at long last!!!
No apology, surprise,surprise.
Evidently it was their first day back after xmas!! I kind of figured that one out myself when nobody picked up the phone or contacted me the day of my creditors meeting.
They just told me that my IVA was approved and the paperwork was being sent out first class post today.
Not wishing to labour the point I am pretty disgusted about this and I am debating whether its worth writing a letter of complaint.
I would be interested to know who should I write to?? Thomas Charles who I originally went to and paid £1000 up front to, or Wilson Phillips who they passed my case on to and dealt with it in such a shoddy fashion?
Would I stand any chance of receiving any refund of monies already paid to Thomas Charles??...answers on a postcard please

[MelanieGiles]

You have been lucky that the adjournment of your meeting has not affected the outcome but whilst I understand that you do feel bitter about the process, I am sure that both Thomas Charles and Wilson Phillips have worked hard on your behalf and is it really worth upsetting the applecart now at the beginning of your IVA, when you do need to have a good workign relationship with these guys for the next five years.

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