Then why on earth is your IP not working hard to get other votes in to get this one outvoted? Have you received a copy of the Chairman's Report showing how all creditors voted?
I do know Bernadette that here in N Ireland that it is difficult to get a particular part of the RBS group to vote on IVAs but it is not impossible. Are you based in N Ireland?
Michael and Melanie the answer to your questions is yes. The correct % of the total debt is 7.3% not 2% as in my previous post - total debt £110,000.Vote at meeting was as follows: 66.47% for proposal (includes associate creditor vote),33. 53% against. The 'against' voters are the creditor seeking charge on land (owed £12,336) and the 2 creditors represented by a company acting for both(total owed £8040).Invalid/no proxy creditors are owed £49,522 and of this, £38,750 is owed to the Royal Bank of Scotland group; perhaps more if MBNA is part of this group too(owed £4,687).
The IP did adjourn the original meeting as the proposal seemed likely to fail.At the rescheduled meeting the modified proposal unfortunately did fail. The IP said there was nothing else that could be done at this point.
I certainly think the case is worth another look. It may be too late to get the charge stopped but the IVA could be resubmitted. While you can submit an IVA more than once you cannot get an Interim Order twice within a twelve month period so unless the court grants a further adjournment the charge will probably go on. Did the first IVA have an Interim Order in place?
I am not an expert,no where near but have had great advice from this forum in the past and I would listen to Michael and melanie as I think your IVA should be looked at again. If your IP says there is nothing he can do then I would have a look at the experts on here and see if they can help.
Thanks for your replies. Unfortunately I don't know if an Interim Order was in place. I just know the Court had adjourned two/three times to await the outcome of the IVA proposal as it did not want to disadvantage other creditors by placing a charge on the house if the proposal was successful.
Thanks for the advice Melanie. I have passed it to my relative and hopefully they will seriously consider it. It would be great to have an agreed way forward that is manageable for my relative and satisfactory to the creditors.
Hope it works out Bernadette as seems there has been a lot of stress and some odd decisions. Finding out about the Interim Order would be helpful to whichever IP your relative seeks further advice from.
Michael Peoples wrote:
I do know Bernadette that here in N Ireland that it is difficult to get a particular part of the RBS group to vote on IVAs but it is not impossible. Are you based in N Ireland?
Hi I just came across this thread and wondered if anyone can elaborate on this comment re the part of the RBS group in N.IReland that is difficult to get to vote? Could any of the experts tell me which part of the RBS group it is? Many thanks
Ulster Bank have not been voting on many cases where there are overdrafts or loans and sending in a proof of debt instead. The credit card operations do vote and the Ulster Bank can vote if contacted but normally their vote is not needed for the IVA to be approved.
