I an I V A what does accept with discretion and accept without discretion mean ?

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Gerald.cx

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Post by Gerald.cx » Wed Aug 24, 2016 9:57 am
I an I V A what does accept with discretion and accept without discretion mean?
 
 

Michael Peoples

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Post by Michael Peoples » Wed Aug 24, 2016 10:10 am
The IP has discretion to accept or reject modifications proposed by creditors but creditors often remove this discretion on the proxy form at the meeting. It then means modifications can be conflicting and lead to extra paperwork and it would be better if discretion was allowed to remain.

The problem lay in that some IPs used their discretion to the detriment of creditors so all firms now have this discretion removed.
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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