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theresajadams1984

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Post by theresajadams1984 » Tue Feb 12, 2008 3:53 pm
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Can i add new creditors to my IVA?
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ianmillington

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Post by ianmillington » Tue Feb 12, 2008 4:31 pm
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So long as there has been an innocent omission, the creditor you have omitted is bound by virtue of Section 262(2) (b)(ii) Insolvency Act 2006. What happens then depends:

Either they stay outside the IVA but can't do anything until the IVA has satisfactorily concluded at which time you owe them the dividend they would have got had they been brought into the IVA.

Or they are brought into the IVA but whether the Supervisor can simply do this depends on how big the creditor is and the impact on the dividend. Typically if the dividend is diluted by 10% or more the IVA will probably need to be varied to accomodate the creditor, but that's not a tablet of stone :- it will depend upon the proposal.

Hope this helps

ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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Adam Davies

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Post by Adam Davies » Tue Feb 12, 2008 9:06 pm
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Hi Ian
Can you just clarify that if a creditor is genuinely omitted that the said creditor can't insist on full payment ?
Regards
Andam Davies
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