I would be suprised to see a dividend not being paid at the end of the second year to be frank!
As Andy rightfully says, you need to ask your IP exactly what they mean by the equity release, and revert back to your IVA proposal and Chairman's Report to see exactly what your obligations are.
Notwithstanding my comments in para 1 - do not worry about the timing of dividend payments, that is for your IP to explain to creditors. Maintain your contractual commitments to the IVA, and you cannot fail to comply at the end of the day. Your creditors are unlikely to be too bothered about the timing of dividend payments to be honest - although in my opinion they should be!
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk