Variation Proposal

4 posts Page 1 of 1
anbe
Posts: 5
by anbe » Tue Aug 15, 2017 7:59 pm
Hi
I've had my variation proposal letter through and there's a clause that doesn't sit right with me-
"Should the debtor be in breach of their IVA at any point in the future, the Supervisor will have absolute discretion to declare the arrangement as failed including whether to petition for the bankruptcy of the debtor, without further recourse to creditors"

This seems a bit unnecessary as surely anything along these lines would have been covered in the original proposal?
Any advice/guidance much appreciated
Thanks
User avatar
luluj
Forum Expert
Posts: 9874
Contact
by luluj » Wed Aug 16, 2017 2:30 am
I would tend to agree and look at your original documentation to see what it says about failure. I woukd ask them why it is now written in that way and to ensure complete clarity is made before signing it off.
User avatar
Foggy
Forum Expert
Posts: 24139
Contact
by Foggy » Wed Aug 16, 2017 7:38 am
Payplan always add this clause in, but will remove it when asked. I don't know if you are with them or another firm, but, whoever you are with should remove this wording on request.
anbe
Posts: 5
by anbe » Wed Aug 16, 2017 8:47 am
Thanks, it is Payplan. I'll ask for it to be removed
4 posts Page 1 of 1
Return to “full and final settlements”

Who is online

Users browsing this forum: No registered users and 1 guest