Completion cert delay

[vikkib1212]

I am waiting for my IVA completion cert but advised they are waiting for proof of debt from a creditor first gave them 14 days, then five days where the creditor said they have posted now the creditor has been given three more days. Is this reasonable surely six years on they have had enough time to provide

[Foggy]

This crops up every now and again. Personally I think it unreasonable that claims are left this late before verification, however, this is allowed under current legislation / agreed procedure. My own thinking is that the claims should be verified at the start and certainly before the first annual review and fixed at that point. Apart form the certainty this would give us, as debtors, it would surely simplify the closure process and time wasted before the formal end of the arrangement and the issue of the completion certificate.

I have tried a couple of times, as has IVA.co.uk itself, to raise Government Petitions on various weaknesses in the practices and policies around IVAs but, unfortunately, there is a lack of public sympathy for our plight and all attempts received very little support.

[vikkib1212]

Thanks Foggy. What legislation does it fall under if I want to read up and how long does creditor get to respond surely it has a time frame. It’s so frustrating

[Foggy]

The overriding regulatory framework is the Insolvency Act 1986, relevant secondary legislation such as the Insolvency Rules 1986 and statements of insolvency practice (SIPs).
The Standard Conditions (2016) refer to claims and dividends in Part VII Section 17.
Section 17(3) allows for late claims to be accepted, in the face of 17(1) which limits claims to a defined period!