I have been in touch with my iva company to see if everything is going ok with my completion. I have been told that there is an issue with a creditor who doesn't agree with the terms and conditions of the arrangement. The first notice will run out on the 19th of May for them to reveiw.what does this mean for me?
I am confused as terms and conditions are standard and cannot be changed by a acreditor at this time. I agree this should have been resolved long ago if a creditor has any issue at all.
Hi Emma if a creditor votes against the IVA or a variation to it, as long as there were sufficient other creditors votes supporting the resolutions then that IVA/variation is approved and the dissenting creditor is bound by it whether they like it or not. There can be issues however if a creditor was not aware of the IVA - in those cases they can claim that this was a material omission depending on the level of debt etc but it doesn't sound like that is the case here. I would ask your IP to be more specific and ask what the issue is and why they think it is a problem. It sounds as if perhaps the creditor's claim/interest is perhaps being challenged in readiness for a final dividend?
