Hi everyone,
I am new to this board. I am in an IVA, coming up to 3 years, and just discovered this board and the potential answer to my many questions about how IVA's work and how to work successfully with IP's.
My first question is about IP's fees. I am unsure if they are capped or not in my IVA. This is what was in the original proposal 'It is proposed that the supervisor's remuneration will be the time costs incurred during th arrangement together with the reimbursement of all expenses relating to my arangement to be deducted from funds held for the purpose of the arrangement. For illustrative purposes only the supervisor's total fees are estimated to be £5000 excluding VAT as shown on the statement of affairs'.
But on the minutes of the meeting of the creditors where the IVA was approved, there is a modification which says ' The supervisor's fees will not exceed £5,000 plus VAT and reasonable disbursements ( as quoted in the proposal ). SHould the terms of the arrangement be reduced, these fees must be lowered proportionately. Additional fees may only be taken oly with the consent of 75% of the voting creditors'
So what does all that mean. Are the fees capped at £5000 + VAT, and what are 'reasonable disbursements'.
It appears that my IP has already taken £2000 in the first year and £2000 in the second year ( based on their time, which was actually more than the amount they have billed for ). Am I to expect them to take £2000 every year? Last year the only dealing's I had with my IP was to submit my I & E by email and for them to send me the statement of affairs in the post - £2000 to do that? Mi IVA is fully up to date and no problems at all ( so far!).
Can anyone tell me what I can expect in the future,
Many thanks,
Joe.
If nothing changes, nothing changes!
