Creditors getting 30% dividend even though IVA has failed. Will they petition for bankruptcy ?

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Nichola.70

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Post by Nichola.70 » Thu Sep 18, 2014 7:02 pm
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My creditors are getting 30% dividend even though my iva has failed. The biggest debt I have with an individual creditor is 3k, will the crditors petition for bankruptcy?
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relieved33

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Post by relieved33 » Thu Sep 18, 2014 7:17 pm
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I imagine it would depend on what would be available if they did. I have see proposals with low return. What do DFD think? (If that's right company)
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Michael Peoples

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Post by Michael Peoples » Fri Sep 19, 2014 9:44 am
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Your IP will normally seek creditor opinion before failing the IVA and bankruptcy proceedings are usually one option. If they rejected this idea then they will probably just try and recover the rest from you as before.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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TzeKin

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Post by TzeKin » Fri Sep 19, 2014 11:48 am
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Minimum dividends are not negotiable....if it is a stipulation in your iva.Mine was 42p in the pound from the start and was informed this is not changeable by the IP.Extensions be granted to honour that..
It may sound inflexible as circumstances in people changes...but only to pay more and never less.
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