www.iva.co.uk

Hi everyone ... apologies for not being around much of late but January has proved to be an extremely hectic month. I should hopefully be popping in again more regularly soon.

I have a question though. I am on the verge of offering a full and final settlement to creditors as part of a VERY long journey which meant that my succesful IVA failed due to a post IVA liability to a debt business lease that I had in the past. Part of the debt was paid via a court order but the Landlord threatened to "come back for more money" ... which he is quite entitled to as I am still technically liable for the lease.

My IP is waiting to call a creditors meeting to offer the F&F but the landlord has not responded to requests for any future (and final) figure he wants to claim ... my IP has asked me to chase him up! Should I have to do this? What are his obligations to comply with providing a figure for the purpose of the creditors meeting to be called and go ahead?

Debbie

Your Supervisor cannot offer a full and final settlement to creditors unless the landlord submits his claim, as the final dividend cannot be projected. It is really her job to chase this up, but if you have any influence over the landlord then it might make the process quicker.

Hi Melanie

Thanks, as usual, for your knowledge

An interesting hyptothetical question ... what would happen if the creditor did not submit a claim in the case of bankruptcy when dealing with the OR?

Debbie

Hi
I think that they would be excluded from a dividend payment after a notice was placed in the local press.
regards

That is correct - and your IP can serve the same notice on him under Rule 11.2 of the Insolvency Rules 1986 under the IVA proceedings as well. This would give him 21 days to submit his claim or be excluded, but correct me if I am wrong, wasnt the landlord's claim a post-IVA liability which you are seeking to have included into the IVA?

Thanks as always folks. The original claim for monies by the Landlord which caused the IVA to fail have been paid (£12,000)... but a letter from his solictors after this had been settled intimated that he would be back for more ... which he is fully entitled to as I am still essentially liable for the lease.

The IVA has essentially failed ... I am asking the IP to offer a full and final now (same return as the IVA but incorporating the post IVA debts) as an alternative to bankruptcy.

Many thanks for the Insolvency Rule reference Melanie ... I thought there must be some safeguard that he had to "speak now or forever hold his peace"!

I am going to write a book one day!! How is that book of yours going Andy?

Debbie

Melanie ... sorry to be a pain but could you provide a website link to that rule ... I have trawled the 1986 document but can't specifically find it.

Why is it that we still have to rely on you folks to do this kind of thing for us?

Debbie

Here it is!

http://www.insolvency.gov.uk/insolvency ... yrules.pdf

Thanks Melanie ... think I've found it!!!

Debbie