IVA has to be court approved?

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bruce
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by bruce » Thu Aug 10, 2017 5:05 pm
When you do an IVA it has to be court approved? Which court will it go through?
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Foggy
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by Foggy » Thu Aug 10, 2017 5:08 pm
They don't go through the courts for routine approval these days.
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luluj
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by luluj » Thu Aug 10, 2017 5:51 pm
Agree with foggy - its a written process which no longer goes through the courts as such
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Michael Peoples
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by Michael Peoples » Fri Aug 11, 2017 8:07 am
In some circumstances court approval may be needed to stop a bankruptcy hearing for example. However in most cases this is not necessary and no court involvement is required.
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Lisa Thomas
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by Lisa Thomas » Fri Aug 11, 2017 8:27 am
It's not standard practice to go though Court unless, as Michael says, an Interim Order is needed to buy more time.

The Nominee will write to creditors to ask them to vote on acceptance of the proposals and once in place the IVA is put on the register and all creditors are legally bound by it.
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