increase in liabilities ?

[denver70]

had a letter sent yesterday that my IP has noted that my liabilities have exceeded 10% of the estimated value ? what does it mean, he says he is currently reviewing the increase in liabilities for the purposes of proposing a variation to the arangement -confused ? anyone help explain before they get back to me


sorry for all the recent posts but am on nights and have mpore time on my hands at work

[Shining]

Hi there, I'm sorry I don't know what this means but I'm sure someone else will so let's get this bumped back up for you x

[Niobe]

I've no idea either. Hopefully one of the experts will be along later to help.

[admin]

Any help with this query ?

[dawnyosf]

I think it is to do with the value of creditors estimated at the start of your IVA. if they have now produced figures that are in excess of the estimated amount, by more than 10 %, then the expected dividend will decrease, so a variation will need to be proposed for the creditors to accept this new dividend.....I'm not an expert though, and this is just my interpretation of what it may mean

[denver70]

anyone else have an idea?

[Shining]

I'm sure on of our professionals will be along during the week so we'll keep this bumped up to give them an opportunity to reply x

[Niobe]

I'm sure an expert will be along tomorrow to assist.

[GilliB]

Sorry denver70, I don't know but I just wanted to say never apologise for the amount of postings - that's what the Forum's for. Why wasn't this important issue spelled out properly to you in plain English? It's so frustrating. I hope you'll get the answer you need ASAP. x