I agree with Foggy - this does sound a little odd.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Was the dividend to be achieved from contributions only or a projected equity release? Some creditors will reject if they believe that the equity release is unlikely so that is a possibility.
If the IVA was rejected by HMRC then they have different criteria to the banks so could you give a little bit more information.
It depends on a whole host of things. Where was the 100p/£ coming from - did they believe that the figures were reasonable? is HMRC a large creditor and what has you past behavior been as regards keeping your tax returns etc up to date?
Were there some large creditors that might just want to reject it out of being difficult on purpose?
Your IP should be able to tell you who and how they voted and it will be detailed in your Chairmans report.
Some councils and/or local authorities seem to be taking a similar line.
I know of one IP who has struck out the vote of a dissenting council as he felt the reason given for rejection (they have a blanket policy of rejecting all IVA proposals but will not admit that publicly) was completely erroneous and not in the public interest. A letter has gone to them so that they can challenge this in court, if they so choose.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
