Following recent forum postings regarding the Grant Thornton closure process, I would like to take the opportunity to set out our position and, in doing so, answer the issues which have been raised.
Every IVA is unique and as such the closure of each case must be viewed individually. Most of our IVA proposals contain a period of six months to deal with any final administration and issue the final certificate. While we strive to complete cases within this period there are a number of reasons why a closure may exceed the typical timeframe.
All IVA cases in England, Wales and Northern Ireland were impacted following the VAT Tribunal decision which ruled IVA costs be exempt from VAT. This led to the temporary suspension of IVA closures. A backlog of cases has inevitably occurred which is being dealt with as quickly as possible. An issue which we have increasingly come across affecting arrangements (typically those previously administered by other companies – DebtMatters, Accuma, Wilson Phillips and Blair Endersby)) is the un-equalised dividend distributions to creditors. This has to be remedied by requesting a refund of the overpayment from each of the creditors concerned; unfortunately, as you can no doubt imagine this can be a time consuming process.
Your views are important to us; we have been listening to your comments and as a direct result are happy to announce some key improvements to our closure process. These will focus on communication and visibility - in the coming weeks, you should feel the effect of these changes, which include:
•providing information about the closure process, what’s involved at each stage and the typical timeframes;
•individual case updates; letting you know when your case has reached key milestones in the process;
•if we encounter any problems, we will tell you about the issues and keep you updated with the progress for a resolution;
•changes to our telephone lines to give you a direct link to the closure team who can offer accurate and comprehensive information about the closure process;
•for those who prefer electronic communication, a dedicated email address for your closure queries -
iva.closures@uk.gt.com;
•additional resource to address the backlog and ensure that no one has to wait longer than necessary for the closure of their arrangement.
Our foremost aim is to ensure the correct and compliant closure of your IVA offering you confidence and peace of mind that your arrangement is fully resolved and satisfied.
Thank you for your continued cooperation and patience while we address the above issues.
I will communicate the new contact details shortly, however in the interim we are happy to answer any queries you have via the Customer Services phone number 0844 855 2166
