Creditfix Judgement

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Foggy

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Post by Foggy » Mon Apr 06, 2020 9:08 am
IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
INSOLVENCY AND COMPANIES COURT (ChD), in a judgement handed down last week ( Friday 3rd March) Creditfix were found to have acted not in accordance with the Insolvency Provisions in that they, in the cases cited and, by assumption, many other cases, manipulated votes where RBS held more than 75% of the vote and proposed modifications so that these modifications were ignored and the proposal accepted, where it would, otherwise, have been rejected.

In a nutshell, the IP named, Michael Sloper, has been accused of putting the financial interests of himself and his employer, Creditfix Ltd., ahead of the interests of the debtors and creditors.

The Judge, ICC JUDGE PRENTIS, also added this note:

64. I also intend to direct that a copy of this judgment be provided to Mr Sloper’s
regulatory body. The evidence is that he has caused or permitted these cases,
and many others, to be conducted otherwise than in accordance with the Act
and Rules; and has done so to promote his own interests and/ or the interests
of his employer, Creditfix. These are significant and multiple failings which
ought to be the subject of further detailed consideration.

Neutral Citation Number: [2020] EWHC 786 (Ch).
Case nos:
BR-2019-001049
BR-2019-001050
BR-2019-001051
BR-2019-001052
BR-2019-001053
BR-2019-001054
BR-2019-001246
BR-2019-001248


Thanks to the lovely people over at Debt Camel for bringing this to my attention.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Jessie91

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Post by Jessie91 » Mon Apr 06, 2020 9:14 am
Hi Foggy,
Tad confused what this means? As I’m with Creditfix and he approved my iva
Thank you

kallis3

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Post by kallis3 » Mon Apr 06, 2020 9:51 am
Hopefully you will be ok. Was RBS one of your creditors?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Mon Apr 06, 2020 10:00 am
It will depend on what the regulatory body does with Mr Sloper, if anything, as to his status as Supervisor. It could be that his caseload will be passed to another Supervisor, or even another firm --- all guesswork and conjecture at the moment.

As the modifications in question are all fee related it could be that the rejected modifications will be reconsidered and, whoever continues in the role of supervisor will have to proceed under the new fee structure regardless. It should not affect the actual IVA from the debtor's point of view.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

abbiesmum2003

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Post by abbiesmum2003 » Mon Apr 06, 2020 10:22 am
wow.
Just wow.
I dont know what else to say about that.
Hope it doesnt affect peoples IVAs and as you say they are transferred to someone more reliable and trustworthy and hopefully this fraudulant IP is reprimanded somehow.

Jessie91

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Post by Jessie91 » Mon Apr 06, 2020 12:41 pm
My creditors were Mostly with NatWest then Argos, HMRC.
Hopefully because of his doings people’s ivas won’t be effected and we can carry on as normal payments but for sure I agree he must not get away with this. Totally unacceptable
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