You don't get much better than Gareth Neill - I know him personally and he is a very professional and knowledgeable IP.
I am not sure, however, that I would not be prepared to put a variation forward on the basis of alternatives - ie
I would like to offer a full and final settlement to my creditors, but if this is not acceptable then I can no longer afford payments at the current level so would creditors be prepared to accept a reduction.
I cannot personally see anything wrong in giving alternative options as part of a variation meeting. And if you were my client, I would like to have your sons's money sitting in my client account pending the outcome of the meeting, rather than waiting up to another 12 months.
My views are personal ones, and may not be the right answer in your case, but I would strongly recommend that you try to speak to Gareth directly if you have any more concerns.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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