My proposal has just been rejected. So far the IP's clerk has only said that the Insolvency Exchange who act for three creditors rejected the I&E (although this was within guidelines)She said she would get back to them as it seemed vague. Four creditors that represent 65% of the debt didn't vote at all. She wouldn't speculate with me as to why the I&E was rejected. I am at the end of my tether. Is it normal for there to be so little information about?
Your IP needs to check why this has been rejected, as The Insolvency Exchange rarely do reject in my experience, and the other creditors also need to be chased up. Your IP can adjourn proceedings for up to 14 days, so I am sure this will be sorted out for you soon.
Melanie is right. Your IP should certainly be fighting your corner and answering any queries raised by TIX. Hopefully it will all be sorted out before the 14 days are up. Good luck.
Stoneyb, I'm sorry to hear that. I hope your IP manages to get it sorted in your favour.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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I thought it would be a simple case of them not agreeing certain items not a flat refusal. Are there any other reasons they could reject other than the expenses?
Creditors may reject because the background story does not justify the debts, the debts may be recent, the income & expenditure account is excessive and they do not believe that the debtor is making their best offer etc. There are numerous reasons but they will tell the IP why and give him/her a chance to come back with more information or an improved offer.
I thought that was the point of the creditors meeting to iron out these type of objections and that is why I'm so concerned. I'll just have to wait..............
Then your creditors have to give you reasons for their rejection, and your IP ought to be on the ball with this right now and be able to give you a definitive answer. I suggest that you give them a call to find out why the proposal has been rejected, and then let us know. I am very curious!
Just a few points on the expenditure that we had discussed and was I willing to give up on a few weeks ago. No corporate memory! Hopefully will be agreed and we can proceed. Another 100 grey hairs today!
One of Tenons IP's sit on the Board of the DRF so I will forward a copy of this post to her to see whether this matter can be sorted - I am sure it can be. Don't worry I am on to it for you.
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.
If your expenditure is widely far from CCCS guidelines, without satisfactory explanation for the reasons behind this, then I can see why creditors would reject.
