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Posted: Fri Jan 28, 2011 4:40 pm
by jimmy.s
Hello could you please advise me. i am coming to the end of my iva in august and i have just got a letter saying that a meeting is being held so the creditors can consider the proposals of the pursuant to rule 5.19(2) of the insolvency rules 1986. not sure what this means and what happens leading upto my deadline day in august happy days are not long away now.
Posted: Fri Jan 28, 2011 4:48 pm
by kallis3
Hi Jimmy,
I've no idea what that is so hopefully one of the experts can help. It may be to do with a minimum dividend or equity in your property but I am just guessing here.
Posted: Fri Jan 28, 2011 4:51 pm
by antm
INS10759 - IVAs: Part 5 Chapters1-7 Insolvency Rules 1986
Chapter 5: Rule 5.19: The Chairman at meetings
The nominee shall normally be the chairman.
If they are unable to attend the nominee can nominate another person to act provided they are
•an IP, or authorised to so act
•an employee of the convenor who is experienced in insolvency matters.
Well the above is the rule? means nothing of any sense to me!
Posted: Fri Jan 28, 2011 4:56 pm
by kallis3
Perhaps it is something to do with the closure of the IVA? Hopefully one of the experts can assist with this.
Posted: Fri Jan 28, 2011 8:39 pm
by TheMatrix
No idea what it all means, other than the IP seems to have called a meeting for some reason, maybe call them up and ask?
Posted: Fri Jan 28, 2011 8:45 pm
by MRBLUESKY
have you got a equity clause jimmy.
Posted: Fri Jan 28, 2011 8:48 pm
by Julie
It seems to refers to closure of the IVA - hopefully one of the IP's will advise.
Well done on nearing the end Jimmy,how have you found life in an IVA?
Posted: Fri Jan 28, 2011 8:49 pm
by kallis3
I would have thought that the equity clause would have been addressed before now if that was the case.
Posted: Fri Jan 28, 2011 8:51 pm
by jimmy.s
no i have no clause in my contract got no equity so not sure what it means and ringing blair endersby is a waste of time and money not the best in last 5 years!!!!!!!!
Posted: Fri Jan 28, 2011 8:54 pm
by jimmy.s
Julie wrote:
It seems to refers to closure of the IVA - hopefully one of the IP's will advise.
Well done on nearing the end Jimmy,how have you found life in an IVA?
Hi found it tough but now worth it now the end is near just 7 payments to go then back on straight n narrow no more credit save n pay for things in the futurexx
Posted: Fri Jan 28, 2011 8:57 pm
by kallis3
BE do pick up on posts on here so hopefully they will do so on Monday.
Posted: Fri Jan 28, 2011 9:02 pm
by Julie
It's a harsh lesson, but you will be in control of your money going forward.
xx
Posted: Fri Jan 28, 2011 9:06 pm
by MRBLUESKY
should be nothing to worry about then jimbo,probably closure like julie said,i bet your counting the weeks.
Posted: Fri Jan 28, 2011 9:26 pm
by kallis3
Let us know what happens jimbo.
Posted: Sat Jan 29, 2011 1:25 pm
by Broke of London
what plonkers! Like anyone who receives that letter is actually going to know what that rule refers to! It would take a second for them to actually write what they are talking about rather than refering you to a document you don't have!!