Creditors Power During Insolvency
In the UK, once an IVA has been applied for and is in place through the courts, creditors are prevented from making direct contact under the terms of the IVA. All ongoing correspondence of an IVA must first go through the Insolvency Practitioner. The Insolvency Practitioner will contact you. The creditors will begin to deal with the Insolvency Practitioner and readily accept annual reports when submitted.
Read more about this topic: Creditor
Famous quotes containing the words creditors and/or power:
“The aim of New Deals is to exterminate the class of creditors and thrust all men into that of debtors. It is like trying to breed cattle with all cows and no bulls.”
—H.L. (Henry Lewis)
“Through a series of gradual power losses, the modern parent is in danger of losing sight of her own child, as well as her own vision and style. It’s a very big price to pay emotionally. Too bad it’s often accompanied by an equally huge price financially.”
—Sonia Taitz (20th century)