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Posted: Sun Oct 25, 2015 5:53 pm
by Emmie01
Hello!!
So we put an offer through to GT and they phoned me on Friday to let me know that they are willing to put my offer through to the creditors. I have to have a conversation with them over the phone on Wednesday about what will happen if they accept/refuse and some other things I think... Just wondering, would GT only put an offer through that they felt would possibly be accepted & if the offer if refused will our IVA terminate?!
Thanks
Posted: Sun Oct 25, 2015 6:48 pm
by kallis3
Hi,
They would not put this forward if they didn't think it would be accepted and if it's not then your IVA will just continue as normal.
Posted: Mon Oct 26, 2015 11:44 am
by Lisa Thomas
But its not their decision. They can tell creditors whether or not they recommend it but they have a duty to put the offer forward, whether they approve it or not.
Posted: Mon Oct 26, 2015 12:07 pm
by lifenoteasy
Lisa - this is becoming a common theme and some companies have refused to put forward offers.
Posted: Mon Oct 26, 2015 12:22 pm
by kallis3
I agree with Lisa that companies should put the offer forward. I had no problem with Payplan (apart from adjusting the figures slightly) but they did put it forward.
Posted: Mon Oct 26, 2015 1:22 pm
by Lisa Thomas
As far as I am aware the standard t&cs state that IP must call a meeting within 21 days if requested to do so by debtor or 25% in value of creditors make a request unless the Court says otherwise.
Posted: Mon Oct 26, 2015 1:43 pm
by lifenoteasy
I don't doubt you - I can only say what appears to be happening.
Posted: Mon Oct 26, 2015 2:03 pm
by Michael Peoples
It is true that the variation must be called and also true that many firms ignore this until it is pointed out to them.
Posted: Tue Oct 27, 2015 11:03 am
by Lisa Thomas
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lifenoteasy
I don't doubt you - I can only say what appears to be happening.
Difficult to debtors who wouldn't know otherwise without this forum. Keep the pressure on IPs I say!
Posted: Tue Oct 27, 2015 1:31 pm
by kallis3
Too true!!
Posted: Wed Oct 28, 2015 1:39 am
by longslog101
just make sure anything you put forward doesn't have some clause about if unaccepted then they can petition you for bankruptcy, I have read on here some people ask to have that clause removed.
Posted: Wed Oct 28, 2015 5:38 am
by luluj
Your request for a f&f offer has to be put to creditors irrelevant of the opinion of your IP ..they are duty bound. They should work with you to ensure the offer you are making is written in such a way that creditors will approve it. They may offer suggestions to enhance the offer but it is your decision as to whether you agree to those enhancements.