How can a IP not pay any of your creditors for a year

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sheila112
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by sheila112 » Wed Jan 30, 2019 9:02 am
How can a IP not pay any of your creditors for a year Not had a yearly review for 2 years then sent a yearly review which shows that they have over 3000 pounds in cash in the bank which shows that they have not paid any creditors for over a year . Also got a statement from 2 creditors to show that the last payment was July 2017
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Foggy
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by Foggy » Wed Jan 30, 2019 9:25 am
It will say in your agreement or Chairman's report the frequency of payments as agreed by the creditors. often quarterly, 6 monthly or even annually, depending on the amounts involved. Also the initial payments ( again specified in the Report) go to the IP in settlement of Nominees Fees.
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MerlinL14
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by MerlinL14 » Wed Jan 30, 2019 12:42 pm
The statements are a legal requirement Sheila, your IP not paying dividends other than annually should not bother you in the least. It is not your responsibility to chase this up nor get overly concerned with it. The fees pay your IP to do 'stuff' if he isn't doing it then it is the creditors who should be getting in contact with your IP not you to worry over it. Seriously, put it to the back of your mind.
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luluj
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by luluj » Wed Jan 30, 2019 5:16 pm
Although I agree with Merlin that it's your IPs job to sort this out, I too would be concerned that nothing has been paid across to creditors.
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