www.iva.co.uk

Hello again
Ff paperwork is been posted out today, have asked for bankruptcy clause to be removed but been told that creditors can ask for it to be put back in
Is this correct?
Thanks in advance

Not strictly. It is YOUR variation offer, not theirs, or Payplan's. YOU can put in it whatever you wish. The creditors then can say yes or no. If they are going to agree to the offer there is no point in having it. If they are going to refuse, you don't want to give them the option and thay cannot ask for it.

So can I clarify creditors cannot ask for the bankruptcy clause?

So wonder why I have been told that they can also been told need supervisor to agree to remove bankruptcy clause

vaughan wrote:

So can I clarify creditors cannot ask for the bankruptcy clause?

So wonder why I have been told that they can also been told need supervisor to agree to remove bankruptcy clause

Payplan are a law unto themselves. The IP is obliged to present YOUR offer in YOUR terms ... now, if he / she is being stuffy they can scupper your chances by simply saying in their presentation that they do not recommend acceptance !

Payplan cannot ask for this to go back in! Just tell them to remove it and they will. Don't let them bully you!!

If you are offering a full and final settlement then creditors can either accept this or let the IVA run its course. Unless you are in breach they cannot just ask for you to be made bankrupt because you tried to offer an early settlement!

Hi again
Documents emailed to me and posted can't see bankruptcy clause but a page called schedule of estimated outcomes which is bankruptcy and iva comparing one against other ie bankruptcy 33% iva 85% estimated dividend to creditors sorry to sound thick but is this OK in documents
Thanks again

vaughan wrote:

Hi again
Documents emailed to me and posted can't see bankruptcy clause but a page called schedule of estimated outcomes which is bankruptcy and iva comparing one against other ie bankruptcy 33% iva 85% estimated dividend to creditors sorry to sound thick but is this OK in documents
Thanks again

They usually put a comparison which often, as in this case, highlights the advantage of the IVA over bankruptcy, when proposing an IVA initially -- but I see no reason why they should do this here. The IVA has already been accepted and bankruptcy has no further consideration. The only estimated outcomes to consider should be F&F vs. IVA running as previously agreed .... these are the options you are proposing.

Hi again
So is the page ok to have in proposal? Sorry if it's a daft question but it's all above my head

There is no harm having the comparison in the variation document but as Foggy says it is not needed.

Well meeting set for 24/3/17 hopefully they accept offer fingers crossed.
Thank you again for your advice

Best of luck and let us know how it goes.

Best of Luck.