IVA Articles
Articles and Information on everything related to IVAs
IVA : Who Is The Chairperson Of The IVA Creditors Meeting ?
When an IVA creditors meeting has been convened, what is the role of the Chairperson?
The Chairperson of the IVA creditors meeting will be the IVA's appointed Nominee. If the IVA's Nominee is unable to attend, then the Nominee can nominate another person to act as chairperson. The nominated person must be a person qualified to act as an Insolvency Practitioner, or be an employee of the nominee or their firm, who is suitably experienced in insolvency matters.
The IVA Chairperson's duty is to present the IVA proposal to the IVA creditors meeting. The attendees at the meeting can ask questions on the content of the IVA proposal. Whilst in theory the debtor should be present to answer questions there is no legal obligation for them to be present.
Creditors may as for modifications to be made to the IVA proposal and these modifications must be accepted and agreed to by the debtor before the IVA proposal may be considered approved.
Creditors must submit a notice of their claim to entitle them to vote at the IVA creditors meeting. Votes are counted in the monetary value, and a majority in excess of 75% in value must be in favour for the IVA to be approved and implemented.
The IVA Chairperson will adjudicate on the votes received and may admit or reject a claim.
For further information on IVAs take this link.
Alternatively call the IVA helpline at myIVA-Adviser.com for free on 0800 088 7503 to speak directly to one of our specialist IVA advisers.
