KPMG

[northumbrian69]

Hello again

Does anyone know who KPMG is[?][?]
In my IVA modification one of the clauses states:
'The Chairman is to have the discretion to use this proxy to vote in favour of any other modification which in his opinion does not have detrimental affect on the proposed dividend to all creditors or the overall sustainability of the proposed voluntary arrangement. If the Chairman is of the opinion that any modification has a detrimental affect he shall contact KPMG for specific instructions or this proxy shall count as a rejection'
Does this mean my IP can authorise modifications without first contacting my creditors, and who are KPMG, any ideas[?][?]

[Oliver]

KPMG are the name of the people who vote on behalf of the following creditors ...........

Alliance & Leicster
Barclays Bank
Cabot
Lloyds
Nationwide
Abbey
MBNA
Blackhorse
Monument



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[ivoriva]

Mine has exactly the same modification, but I dont know what it means! Probably something along the lines that if the other creditors put forward a modification that somehow infringes on what KPMG are demanding, then the chairman has to go back to KPMG for further instructions and not just accept them?

[MelanieGiles]

KPMG are one of the largest accountancy practices in the world and are insolvency experts. They represent a lot of the banks and credit houses, and consequently do a lot of voting on individual voluntary arrangement proposals.

The clause to which you are referring gives the Chairman of the meeting the right, with your prior approval, to use votes cast by KPMG to support any other creditor modifications which do not create a detrimental effect to the rest of the proposal. No party can accept modifications on your behalf without your prior agreement, so do not worry about this clause.

I think Ivor's explanation is very well put!

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

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