They started the process of closing this out in November, after they had accepted our offer. They have since been through 2 28 day notice periods to advise their creditors that they are ending their IVA and in the last few days of the 2nd period of the creditors has come back to say they don’t agree. They are now entering a 21 day period where all the creditors can vote to agree or disagree with ‘something’ (closing out the IVA - not sure of the terms or how this is being structured). Can someone advise if this sounds normal? From all the reading I have done, it sounds a lot more staightforwaed to close out the final stages and I am concerned the sellers aren’t being 100% transparent about the situation.
Can anyone advise what the next steps would be should there be agreement in the next 21 days? And whether they should be in a position to then sell their house to us.
It sounds to me as if they might have put forward a variation to creditors, perhaps to sell the house, and creditors might have rejected it.
If the variation is on the basis of injecting some proceeds from the sale and it has been rejected there is a risk they may not sell the property as they would lose all of their equity into the IVA (unless and until their total debts, interest and costs have been paid in full).
I would think a summary explanation from the Supervisor to the solicitors would be useful so you know what is actually happening before you lose any funds on surveys etc.
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