New Proposal
I got my new proposal to my creditors today, so all that needs doing is signing that like the last one I did, and posting it back off to my IP, he told me he will arrange another creditors meeting for February, so fingers crossed, legs, and whatever else I can cross. Hoping for a better result this time round. Keep emailing me, I like responding to everyones emails, I do try and email everyone back, but I spend a lot of time, getting rid of adverts people put on my comments.
posted by Steve at
6:06 PM
1 Comments:
Your IP cannot convene a second creditors meeting. It is normal procedure for the first meeting to be adjourned if the original proposal fails.
Modified proposals are then put to the adjourned meeting which has to held - by law - within three weeks or the arrangement also falls and creditors then have the right to pursue bankruptcy proceedings.
If creditors meetings are not conducted exactly as required by the Insolvency Act or the Insolvency Rules then creditors still have a further 28 days to challenge the conduct of the meeting through the County Court.
So, it's important to ensure that your IP has stuck to the correct timetable and, also remember, that if the adjourned meeting is held at the last minute that leaves no room for a further adjournment because the modified proposal has to be agreed within the time limits set by the law.
Best of luck and hope your IP got this right. Mine did not. .
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Anonymous, at 10:59 AM
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