Posted by
sampaguita
18 yrs ago
I applied for IVA this July 10th and I will have my Court Hearing this Sept 22. Does anyone have any idea when could my Creditors Meeting be. Although the Finance companies knows my application, they are still asking me to pay which I am having a hard time to put them off.
Thank u and it seems applying for bankruptcy is more faster than IVA.
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http://www.hkclic.org/en/topics/bankruptcy_IndividualVoluntaryArrangement_Companies_Winding_up/individualVoluntaryArrangement/individualVoluntaryArrangement_generalInformation/index.shtml
I am looking at this too.
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As far as I can tell, there is no hard and fast deadline. If you are concerned that your creditors may take action against you while your application for a IVA is pending, you are entitled to apply to the Court for what is called an Interim Order. Essentially, that Interim Order prohibits any of your creditors from taking action to enforce their claims against you, and can last up until the IVA is approved and in place.
Essentially, the Interim Order buys you time and freezes everything as it stands now until the creditors' meeting has been held and the IVA voted on.
Be aware, you need to get 75% in value of your creditors to support your proposed IVA. The consequences of a failed IVA are potentially bankruptcy. You also need to get a nominee to help you prepare your IVA proposal.
I strongly recommend you take good legal advice, if you are not already doing so.
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Thanks for the web-site. I have already applied thru IBC Solution, good company, better than the ones advertised in the website. My bad experience was not getting good service on the phone. But for IBC, she talk to me long enough on the phone to understand my situation. My Court Hearing is on the 22/9. Just want to know or share some experience of this......
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Dear David, I will have a court hearing this Monday in which IBC will get the Interim Order, does that mean I dont have to pay the creditors until the creditors meeting is set.
Thank you
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The Interim Order will say how long a grace period you have, but generally yes you would be given breathing space until at least the creditors' meeting, according to my understanding. The principal is to freeze everything until a plan has been prepared, presented to creditors, voted on and sanctioned by the Court. This prevents any individual creditor from getting an advantage over others, so everyone starts from roughly the same place.
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