Variation Proposal

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anbe

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Post by anbe » Tue Aug 15, 2017 7:59 pm
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Hi
I've had my variation proposal letter through and there's a clause that doesn't sit right with me-
"Should the debtor be in breach of their IVA at any point in the future, the Supervisor will have absolute discretion to declare the arrangement as failed including whether to petition for the bankruptcy of the debtor, without further recourse to creditors"

This seems a bit unnecessary as surely anything along these lines would have been covered in the original proposal?
Any advice/guidance much appreciated
Thanks
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luluj

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Post by luluj » Wed Aug 16, 2017 2:30 am
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I would tend to agree and look at your original documentation to see what it says about failure. I woukd ask them why it is now written in that way and to ensure complete clarity is made before signing it off.
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Foggy

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Post by Foggy » Wed Aug 16, 2017 7:38 am
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Payplan always add this clause in, but will remove it when asked. I don't know if you are with them or another firm, but, whoever you are with should remove this wording on request.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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anbe

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Post by anbe » Wed Aug 16, 2017 8:47 am
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Thanks, it is Payplan. I'll ask for it to be removed
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