Hi
I have been informed that someone who owes me money (quite a lot) has atempted to set up an IVA, and a creditors meeting has been set up.
He has not mentioned our debt in his IVA, along with some others he has chosen to ignore, leaving only those who he knows will 'vote along with him'.
We have been in touch with the IP and are in the process of submitting our proofs to the IP, whereupon he says he will discuss with the Debtor and reschedule the meeting.
The Debtor himself will contest our invoices (there is a large one he has actually signed, but has already said he will dispute and let on he was put under duress etc) and he thinks this will allow his IVA to continue.
Is this likely to happen, or is there anything else we should be doing to ensure our Debt is added to his IVA (or Bankruptcy which someone already had a petition raised for, which has been put on hold until the IVA gets a chance)?
I'm very worried, since we are geographically distant, and I don't want this all to go ahead without us getting a chance to get our invoices included and settled.
All advice very welcome, and any suggestions on how we should proceed, or anything we should look at doing....thanks in advance.
All debts must be listed whether disputed or not and you should have been sent a copy of the proposal. It is then for the supervisor to agree these claims and check their validity.
If the final debts exceed those listed by more than 10% the IVA may fail anyway as this can be deemed abreach so leaving out claims is pointless.
Read through his proposal thoroughly and be prepared to modify it if you feel there are improvements which can be made. It may even be worth asking your solicitor to look over the proposal or if you factor your debts perhaps the factoring company may eb able to help.
