Rejected IVA

[DebtDummy]

How many times can an IVA be modified through a creditor's meeting?
As many times as necessary or will the IP eventually say,'' Now look you two give it a rest and do a bankruptcy. We've done this 3 times already and either you object to it or they do.''

Are most of them successful the first time presented or the second time presented?


Thank you one and all.

All I have left is my humour.

[MelanieGiles]

Hi DebtDummy

I'm not quite sure what you are asking here? On the day a creditors meeting is held, the proceedings can be adjourned for up to 14 days. If there is no agreement in that time, and the IVA is therefore deemed to be rejected or withdrawn, there is nothing stopping you representing it as many times as you like (so long as you have not applied for an Interim Order, which prevents representation for one year).

I am not a fan of represented IVA proposals, and neither are the creditors as this wastes a lot of everyone's time - not least yours! As IP's it is our job to get the proposal right in the first place. In over 1,000 IVA's, I have only represented a proposal once, and that is because a bank lost all of the paperwork internally and only admitted that on the final day of the adjournment period!

Not sure if this answers your query, but feel free to post again if it does not!



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[DebtDummy]

Yes! You answered my question. Thank you very much.

All I have left is my humour.

[iva.com]

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