Chairmans report

[Lisa2009]

Hubby recieved his chairmans report today.
All creditors that voted, voted yes with no modifications.
However, the 3 creditors that didnt vote have not submitted a claim.
What happens to their share of the settlement figure? are they still paid or does their share get distributed between the creditors that have submitted claims?

mrs skint

[Cybus]

They are not excluded from the arrangement at this present time. It is not unusual to get some creditors who will not vote. They are nevertheless bound by the arrangement terms.
When the Supervisor is in sufficient funds to make a dividend payment, he will issue a Notice of Intended Dividend to those creditors who have not yet submitted a cliam.
The notice will state that creditors have usually 21 or 28 days within which to submit a claim. Failure to submit a claim can mean that the creditor not submitting a claim can be excluded from that forthcoming distribution.

If it is a final distribution and the creditor fails to submit a claim, they are going to lose out and the monies that would have gone to them will be distributed amongst the other creditors.

If it is an interim dividend then a further Notice of Intended Dividend would be issued prior to payment of the next distributions. More often than not, when in receipt of a Notice of Intended Dividend, if the creditor cannot trace you on their systems, because of incorrect reference, they will contact your IP and ask if they can provide further information to enable them to trace your account. It is normal for the Supervisor to retian sufficient funds to pay the prior distributions should the claim be received at a later date. However as stated above if it is a final distribution, the creditor will lose out if they fail to submit a claim and further they have no comeback on you at a later date.


Tell it like it is.

[Lisa2009]

Thanks Cybus, much appreciated.

[mikebdomain]

What a long way you have come Mrs Skint... Not long now before it's pretty much all sorted out.

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[Lisa2009]

I know Mike, i was a jibbering wreck not so long ago, not sleeping and asking a thousand and one questions. I can look back now and wonder why i was in such a state over it all.
Now the cheque has been given in and soon everybody should be paid.

[Lisa2009]

The funny thing is, DFD told hubby on 27th november to go ahead with the remortgage as it had been accepted. After reading the report today, it turns out it was actually adjourned and wasnt accepted untill december 6th. It could have all gone horribly wrong but thankfully it didnt.

[mikebdomain]

phew - could have been messy

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
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Please read our Initial Disclosure Document(IDD):
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