| Max. No. of Days* |
Event |
Further Information |
| 0 |
Case received. |
|
| 1 |
Letter sent to client advising that an initial draftof IVA Proposal is being prepared. |
|
| 7 |
Draft IVA Proposal issued to client. |
Outstanding information requested. |
| 7 |
Draft returned from client. IVA Proposal is updated and formally served on the Nominee. |
|
| 2 |
On receipt of the Nominee's "Consent to Act", Interim Order application is issued to client. |
Clients usually file the paperwork at Court but may swear before a solicitor and the Insolvency Practitioner will file. |
| 1 |
Interim Order granted by Court |
|
| 14 |
Nominee's Report filed at Court |
Report comments on Proposal and states date, time and place for creditors' meeting. |
| 7 |
Notice of meeting is issued to all creditors with copies of the Proposal, Nominee's Report and Proxy. |
|
| 21 |
Creditors' meeting held. |
Meeting is held not more than 28 days from hearing of Nominee's Report. It may be adjourned up to a maximum of 14 days from the date of the original meeting. |
Total
60
days |
If 75% of Creditors (by total of debt) agree, then you have your IVA. |
|
