Who is the chairperson of the IVA Creditors' Meeting?
When a Creditors' Meeting has been convened, it's the chairperson who is in charge of the meeting.
The chairperson will be the IVA's appointed Nominee. If the Nominee is unable to attend, then they can nominate another person to act as chairperson in their place.
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 Chairperson's Duties
In theory it's the chairperson task to present the IVA Proposal to creditors at the meeting, and in days gone by this is exactly what happened. But more recently it's become very unlikely that any creditors will actually attend in person.
Creditors find it more convenient to send their votes remotely, rather than deliver them in person. Nonetheless, the chairman of the meeting still provides an opportunity for any attendees to field questions on the contents of the proposal if they so wish.
The IVA applicant should also be available to answer any questions raised, although there's no legal obligation for them to be present either.
Creditors may ask the chairperson for modifications to be made to the IVA Proposal. If this is the case, these modifications must be accepted by the IVA applicant before the proposal may be considered approved.
Creditors must submit a notice of their claim to entitle them to vote at the IVA Creditors' Meeting.
It's also the chairperson's duty to count the votes cast at the meeting to establish whether the IVA has been accepted by the necessary majority.
The IVA Chairperson will adjudicate on the votes received and has the authority to admit or reject a claim.
Apply For An IVA
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If you would like to have a chat with one of our team about applying for an IVA, please call 0800 088 7503, alternatively, complete this form and we'll call you at your preferred time.