I have just had my bankruptcy hearing adjourned

[kayleigh]

I have just had my bankruptcy hearing adjourned as I have a proposed IVA and the creditors meeting is this Thursday. The solicitor acting for the creditor said that the other creditors are not aware of the active bankruptcy petition and by rights should be informed, is this the case or not?

[kallis3]

Hi,

I have no idea at all, sorry.

Hopefully one of the professionals will be along to give you an answer.

[kayleigh]

Thanks for the reply. I have now spoken to my IP and I do not have to inform my other creditors that there is a live bankcruptcy petition. They said that the creditor trying to bankrupt me were just not happy that I had not disclosed this info.

[kallis3]

Glad you got it sorted Kayleigh, and a useful piece of information for us to know.

[MelanieGiles]

You should have disclosed the fact that bankruptcy proceedings had been commenced against you in your IVA proposal. Is there any reason why this was not included?

[Debtwitch]

The proposal and other documents should have included the petition details. I am concerned that someone at the IPs office has told you that you didn't need to disclose it.

I take it the creditor who presented the petition represents less than 25% of the total o/s debt?

I would contact your IP today and speak to the meetings officer to check how the voting is going as I expect that the petitioning creditor is looking to reject the IVA? The IP will need to chase creditors for support if this is the case to ensure in excess of 75% is achieved. Votes often only arrive on the day of the meeting by fax/email but as there is a creditor taking action, it would be prudent to be pro-active.

CONTACT THEM TODAY FIRST THING!

[kayleigh]

Would it be in my favour to disclose the bankruptcy petition, it is only because of the petition that I am proposing an iva all my other creditors were happy with a dmp. The creditor is only 6% of the total debt. Also asked the IP if anyone had voted yet and he said no.
I am really starting to get worried now, beforehand I felt that the proposal would be accetped. My larget creditor is Natwest bank who are 36% of the debt.

[MelanieGiles]

Absolutely! And this should have been done from day one. If the other creditors are aware that if they do not accept the IVA you may shortly be bankrupted, then this may persuade more of the to vote in the affirmative.

As the petitioning creditor is only 6% of your overall debt, they cannot influence the decision so long as your IP is on the ball and confident of securing sufficient votes to outvote any rejection from them.

[kayleigh]

Thanks. I'll speak to my IP to make sure that they know. It states on my proposal that if I am made bankrupt they will expect to get 9p in the £ as opposed to 37p in the £ for and IVA

[kayleigh]

I've spoken to my meetings officer today and he said everything is going smoothly, will know for sure tomorrow afternoon whether its successful. Strarting to feel very nervous.

[kallis3]

I've got everything crossed for you Kayleigh.

[Shining]

all the best from me too kayleigh x

[Skippy]

Good luck from me as well xxx

[kayleigh]

Thanks for your support, hopefully I'll be joining an elite club tomorrow :~)

[Debtwitch]

Very best of luck Kayleigh

Good news that petitioning creditor on 6% of debt - if meetings officer saying everything going smoothly, I'm assuming support must already have been received. Fingers crossed, the IVA will not need to be adjourned and can be approved today. Make sure you have your mobile handy ready and preferably access to email for the meetings officer's call as there's likely to be modifications for you to agree - usually pretty boring admin stuff, occasionally looking for savings from expenditure.

Keep us posted!