Hi Debbie
I can find this reply from Cybus,hope it helps
I have to ask the question 'Why?'
Bankruptcy is not your only solution.
Why could your Supervisor not have written to the creditor concerned and advised them of the 'Effects of Approval' of the arrangement?
Correct me if I am wrong but the arrangement once approved, binds all creditors who were entitled to vote at the meeting and those who would have been entitled to vote had they had notice of the meeting.
Your overlooked business liability could have been brought in to the original arrangement.
I believe you have been ill advised to terminate the IVA and start over.
If it is not too late, you should ask the original Supervisor to Review Section 260 of the Insolvency Act 1986 and explain why it does not apply to the overlooked creditor and why they could not have been brought in to your arrangement.
I would be genuinely interested to know what the answer is. Seriously.
Is the new IP with a different company?
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp