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UK-Justice
UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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We are owed a fee dating back 4 years. The debtor has a new

Customer Question

We are owed a fee dating back 4 years. The debtor has a new accountant who has proposed a CVA but the Proposal says our debt is significantly disputed.
How does this affect our rights at the CVA meeting next week and how can we vote if we don't have an agreed debt amount? I am not a lawyer but hope this question makes sense. Thank you.
Submitted: 1 year ago.
Category: UK Bankruptcy Law
Expert:  UK-Justice replied 1 year ago.
Thanks for your question. Please remember to rate my answer SMILEY FACE OR ABOVE so that I am credited for my time.

It does not.

For a company CVA to be approved 75% of the debts attending need to agree.

Normally people do not bother to attend and it is approved.

But it is up to them to dispute the debt and then the Insolvency Practioner (IP) to ask you for more info.

But at this stage it does not change anything.

I hope this helps.


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UK-Justice, Barrister
Satisfied Customers: 16193
Experience: Called to the Bar in 2007
UK-Justice and 2 other UK Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.


Thank you that's a weight off my mind !

Expert:  UK-Justice replied 1 year ago.
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Expert:  UK-Justice replied 1 year ago.
I'm just following up with you to see how everything is going. Did my answer help?

UK-Justice
Customer: replied 1 year ago.


Your answer was brilliant thank you, and it enabled me to write with confidence this morning to the Insolvency Practitioner in advance of the CVA meeting on Wednesday, to challenge that our debt is actually in dispute (as we have never received any detail of the grounds for dispute and the debt though we have received occasional payment in part, has been accumulating over several years) and I have stated to the Insolvency Practitioner that I believe the "dispute" appears therefore nothing more than a device employed specifically in order to adversely affect our influence at the CVA vote.


 


Our quantified debt is a tad over 25% of the total unsecured debt and I have said that should the "disputed debt" affect our vote, we would seek further legal advice.


 


I have yet to hear back from them !


 

Expert:  UK-Justice replied 1 year ago.
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