AMEX are actually a very commercial creditor, and sometimes we ought to put ourselves in the shoes of the lenders when critisising their policies.
If I were owed money by someone, and I knew that they has a house with equity in it, I would probably want to put myself ahead of the game by securing with a charging order. That makes good commercial sense for the lender concerned, who is running a business at the end of the day. AMEX make no secret of this policy, which is widely known within the insolvency profession, and we therefore have to work with this always in mind when AMEX are a significant creditor. I have to say that in my experience it is quite unusual to see them with more than 25% of the vote in IVA cases, as their collection policy is rather good as well, and they do not tend to allow high amounts of credit.
On the other hand, where there is no property involved, ANEX are very supportive of voluntary arrangements, and do not operate any form of minimum dividend hurdle rates, which are common with other lenders.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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