Posted: Tue Aug 28, 2007 9:57 am
Do We Need to Wave Goodbye to the Simple IVA (SIVA)?
If the Insolvency Exchange controls 70% or more of the essential voting for IVAs and they have their own agenda, where does that leave the SIVA?
In the upcoming SIVA, the creditor influence was lowered to a majority vote of greater than 50%. All those efforts to lower the percentage to give consumers better access to the binding, fair and reasonable solution of the Simple Individual Voluntary Arrangement may be now dead and buried.
If TIX and its band of unholy creditors are going to wantonly control all consumer access to IVAs to serve their self interests, what is going to prevent them from launching a similar orchestrated campaign against the SIVA since they already proclaim to have enough voting power to control it?
If the SIVA is going to suffer under the same dark morose cloud as the IVA does today with the “axis of evil”, why even waste another moment pushing the SIVA forward?
Unless the government steps in to declare the intentional self-serving actions of the creditors and TIX as wrong and against the spirit of the IVA legislation, it would appear that even the simplest attempts of making the process more fair to serve consumers will be corrupted.
Source: myvesta.co.uk
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk
If the Insolvency Exchange controls 70% or more of the essential voting for IVAs and they have their own agenda, where does that leave the SIVA?
In the upcoming SIVA, the creditor influence was lowered to a majority vote of greater than 50%. All those efforts to lower the percentage to give consumers better access to the binding, fair and reasonable solution of the Simple Individual Voluntary Arrangement may be now dead and buried.
If TIX and its band of unholy creditors are going to wantonly control all consumer access to IVAs to serve their self interests, what is going to prevent them from launching a similar orchestrated campaign against the SIVA since they already proclaim to have enough voting power to control it?
If the SIVA is going to suffer under the same dark morose cloud as the IVA does today with the “axis of evil”, why even waste another moment pushing the SIVA forward?
Unless the government steps in to declare the intentional self-serving actions of the creditors and TIX as wrong and against the spirit of the IVA legislation, it would appear that even the simplest attempts of making the process more fair to serve consumers will be corrupted.
Source: myvesta.co.uk
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk