IVA's and the Insolvency Exchange

[London Coool]

I learnt that my IVA proposal was midwived through a collaboration between HSBC's/HFC/Marble card Reps's -TDX and Paypal through their Insolvency Exchange system where they determine to creditors what IVA's should go through, or which one's need adjustments,etc before the meeting. Is this intermeddling by TDX and their Insolvency Exchange a sign of things to come in the IVA sub-sector ???

[Storm]

Unfortuanately yes....... there are two similar systems be launched in the next couple of months and a collaboration project for creditors.

[MelanieGiles]

I don't really agree with that, as many of the creditors have for many years employed external "proxy submitters" notably PwC and KPMG who dominated approximately 80% of the banking fraternity for the last eight years or so and have operated under their own sets of voting criteria which have lead to standard requirements such as 4th year equity releases and 50% income uplifts becoming the norm. So "intermeddling" has been around for a long time already!

The Insolvency Exchange are simply a new player - interested to learn that you think there are another couple out there Storm - any more details on that yet? They operate under the British Bankers Association Common Financial Statement - an outdated and ill thought out set of allowable expenditure limits which is badly in need of revision.

What is happening out there noticably, is a squeeze on allowable expenditure, which in turn will (in my opinion) lead to more IVA cases failing in their early few months - Skippy being a prime example.


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

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk