Sorry Andy - in a Protocol Compliant IVA the Standard Terms give 4 months:
PART VII
DIVIDENDS AND CLAIMS
Dividends and claims
17(1) The supervisor may allow for dividend purposes claims submitted by creditors as at the
effective date. If any creditor does not make any claim in writing within 4 months after the
effective date, then that creditor may not participate in any dividend payment, subject to
paragraph 17(3) below.
17(2) The supervisor has the discretion to admit claims of £1,000 or less, or claims submitted that
do not exceed 110% of the amount stated by the debtor in the proposal, without the need
for additional verification.
17(3) Any creditor who makes a late claim will be entitled to participate (subject to the
supervisor accepting that the creditor has a reasonable explanation as to why any delay
occurred) and to receive their full share of dividends notwithstanding the fact that some
distributions may have been made prior to the submission of the claim.
17(4) The supervisor may ask for any further details or documents he/she think necessary to
establish the amount due to any person claiming to be a creditor.
17(5) The claims of secured creditors, foreign currency debts, debts payable at a future time,
and interest on debts will be dealt with in accordance with the Bankruptcy Rules.
17(6) Where any creditor agrees, for whatever reason, to make a repayment to the debtor
during the continuance of the arrangement, then that payment shall be used solely in
reduction of that creditor’s claim in the first instance. If such repayment results in the
creditor’s claim being entirely extinguished (after the application of set off) any surplus will
be treated as an after acquired asset and offered to the supervisor for the benefit of the
arrangement.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
