Claims

[Sadsack]

Hopefully there is someone out there who can help with this question!

How long after the IVA has been approved, must creditors make a claim?

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[catullus]

Hello Sadsack

Unfortunately there is no effective time limit for creditors to submit claims and it's remarkable just how long some creditors take to send in a bit of paper regardless of how many times a supervisor writes to them to remind them to do it.

Sometimes provisions will be put in to a proposal to exclude creditors from a dividend if they haven't submitted their claim but it is an unwise supervisor who doesn't reserve for creditors that he knows are out there but haven't claimed

[Sadsack]

Thanks for that! I have one creditor who has three claims but only two have been submitted! Strange!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[MelanieGiles]

Under new proposed legilstation, creditors will have to make their claims within 90 days or forego their right to dividends. This will be very interesting!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Sadsack]

Hi Melanie

Should this legislation be put into place, would it apply only to new IVA's or would include older ones?

I am asking as I am very close to making a F & F and this creditor has not yet submitted a claim and we are now 1 year into the IVA. Will it affect the F & F? As it stands, the claim amounts to £9k.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/