Timescales for early settlement

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by Fiona.42 » Wed Jan 24, 2018 5:42 pm
I have offered a final settlement figure (I’m in my last 12 months) it’s been 6 weeks and I rang for an update yesterday they informed me that they haven’t even spoke to the creditors yet, anyone any experience of early settlement and timescales
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by kallis3 » Wed Jan 24, 2018 5:53 pm
You can push them but, by the time it is sorted, it might be as well to let it run it's course.
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by Foggy » Wed Jan 24, 2018 6:01 pm
There are industry timescales. It will depend upon which terms are used:

In R3 cases the requirement to convene the meeting within 21 days is in Part X section 60(2) .....

"60(2)[Power to requisition a meeting] If requested in writing by the Debtor, or by
Creditors with not less than one-quarter in value of the total amount of Debts subject
to the Arrangement, the Supervisor shall, unless relieved by the Court from so doing,
convene a meeting of Creditors within 21 days from the receipt of such request. "

In the Standard Conditions used in the 2014 Protocol it is in Part IX section 19(2) .....

"19(2) If requested in writing by you, or by creditors with at least one-quarter in value of the total amount of debts subject to the arrangement, the Supervisor must call a creditors meeting within 21 days from receiving such request, unless the court decides he/she need not do so."

However this limit was left out of the 2016 Protocol.
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Lisa Thomas
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by Lisa Thomas » Thu Jan 25, 2018 10:36 am
It might be a bit late with only 12 months to run.

However to answer your question they have 21 days to call a meeting of creditors (once they have all the info. fom you) and 14 days notice to be given to creditors so if 6 weeks have now passed since you gave them everything you needed you should have the creditors answer by now...

Check the variaiton section of your proposals/T&C and perhaps remind your IP that they appear to have slipped up...
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