Hi All, I thought I would post with a update with our regards to our PVA. Early this year we had arrears in our arrangement which has caused the PVA to fail. On the plus side we are in a postion whereby equity gain in a commercial property that we own (with mortgage) is such that we are now able to ...

Melanie, Prior to entering into the PVA we actually paid a total of £8000 to the IP for their nominee’s fees. The proposal states to creditors that the nominee’s fees are expected to be paid in full prior to the creditors meeting, but should they not are the IP will take the balance as and when they...

Hi Melanie, I have argued this point exactly in an email to the IP I wrote: "If the nominee’s fees were not to be taken from contributions, then I do not believe they should appear as deductions as outlined in appendix 4. I also believe that any document attached to a contract is legally binding and...

Hi Guys The IP are refusing to accept my views on this and have said that we either pay the arrears or they fail the arrangement and petition for our bankruptcy’s. I maybe being cynical, but my belief is that our IP are demanding the money as they simply wish to use it for there own cash flow purpos...

Thanks Guys, I have now asked the IP to take a further look at the proposal and am awaiting their response.

I will let you all know the outcome!

Hi All, A question for the experts! We entered into a PVA at the end of March 07. Before the PVA was agreed we paid £7,500 in nominee’s fees to the IP. The proposal accepted by creditors shows that the nominees fees are to come out of the contributions providing the dividend of 85p in the £. Our fir...

Thanks for the clarification, the leasing company were not informed of the PVA/IVA as it was/is planned to keep the asset - as you rightly say, all creditors have claim to the PVA with a shortfall claim in the IVA.

Hi All I have recently entered into a PVA along with and IVA to ensure that creditors could not come outside of the PVA to claim their debts. We entered into the PVA on the 28th March 07 with the IVAs following 2 weeks after. Out of the blue I have been issued with a Bankruptcy petition from a leasi...