punishments involved like prison

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LoneRanger

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Post by LoneRanger » Sun Nov 09, 2008 7:19 pm
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If an SIVA doesn't give creditors option of modifications would it be likely that they may decline them more?

Would an SIVA still be over a 5/6 year period or would it be longer or shorter?
Steve.

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Adam Davies

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Post by Adam Davies » Sun Nov 09, 2008 7:59 pm
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Hi
This is one of the main concerns of the SIVA, creditors can either say yes or no with nothing in between.
I wonder if we will see pre-proposals between IP and creditors ?
The term should still be the standard 5 years.
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Andam Davies
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MelanieGiles

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Post by MelanieGiles » Sun Nov 09, 2008 9:12 pm
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What will likely happen is that creditors will reject, confirm to the IPs the reasons for the rejections, and confirm that if a new proposal is put forward containing their requirements then they will consider it further.

If that is not creditor modifications, I am not sure what is!!!! But of course I am very cynical!
Regards, Melanie Giles, Insolvency Practitioner
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LoneRanger

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Post by LoneRanger » Sun Nov 09, 2008 9:43 pm
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I guess it could mean that it may take slighlty longer then for approval if they will modify in that way, which I'm sure they will. Though I guess the advantage here is that only 50% need to say yes.
Steve.

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