I am a creditor who is owed a substantial amount ( over£50k). The debtor is proposing an IVA, but I believe one of the other creditors on his list is fraudulent / made up some how (£200K unsecured loan!!!!!) just to reduce my stake below the 25% veto. the creditors meeting is only a week away and I need to stop this! Can anyone help.
The Chairman of the meeting can allow or disallow any claim or even reduce it if they are not happy. As Foggy says speak to the IP about your concerns and demand proof that the debt exists.
If the IVA goes ahead and the vote is used and you are still not happy then you can apply to court within 28 days to object to the IVA. You will need a solicitor for this and it could be expensive so you would want to be sure of your ground.
Attend the meeting and advise the Chairman that you will be applying to court unless there is real evidence that this debt exists.
Speak to the IP and follow up in writing. Explain your concerns and get a feel for their attitude. They should satisfy themselves that the claim is genuine, especially once you have raised concerns.
