After IPA, When do Creditors receive money?

GoingUnder

Would anyone know what the procedure is after an IPA regarding the OR taking their fees and distributing leftovers to creditors.
One of my creditors was a family member who asked if they were likely to receive anything. Based on the amount I paid, I would like to think so, but was unable to say when?

fermi

One for debtinfo or JCS1 I think if they are about?

debtinfo

well the first thing to say is it wont be before the IPA has finished, so the question is where are you up to in the cycle,have you just started paying or are you near the end of the 3 years, what will be the total you pay in as well as any other assets that have been realised?

alastairq

Well, I've just discovered my name once more in the GAzette, accompanied by a 'Notice of Dividends'.....published about a year ago now.....no-one is getting much at all.....seems the IS gobbled the lion's share.

The actual record of my BR seems to have disappeared from the Gazette....[I can no longer find it]

Anyhow, the Dividend was announced well over 4 years from date of petition.

Strangely, a CRA who had purchased one of the debts thought thy could take me to Court earlier this year. Don't suppose they had realised they were too late to make a claim under the above? [by several months!!]

GoingUnder

debtinfo wrote: »

well the first thing to say is it wont be before the IPA has finished, so the question is where are you up to in the cycle,have you just started paying or are you near the end of the 3 years, what will be the total you pay in as well as any other assets that have been realised?

I finished my IPA three months early by paying the final 3 instalments, so it finished in September.


The total paid will be around £15,000

debt_doctor

Hi,


I spoke to an Insolvency Service level 2 examiner today about your question and assuming no IP was / is involved regarding any property then the payout would depend upon;
How quickly the dealing office closed the case and transferred it to the 'dividends unit'.
The case certainly wouldn't be closed until any IPA had ran its course and any family home dealt with.
For some BR's perhaps with a property that was not the family home, it could potentially take many years (no time limit) to deal with such a property and pay out any dividend.


DD

GoingUnder

debt_doctor wrote: »

Hi,


I spoke to an Insolvency Service level 2 examiner today about your question and assuming no IP was / is involved regarding any property then the payout would depend upon;
How quickly the dealing office closed the case and transferred it to the 'dividends unit'.
The case certainly wouldn't be closed until any IPA had ran its course and any family home dealt with.
For some BR's perhaps with a property that was not the family home, it could potentially take many years (no time limit) to deal with such a property and pay out any dividend.


DD

Thanks for this, the property was sorted at around 18mths, I negotiated a sum to purchase the beneficial interest on health grounds for my wife. Fortunately for us this was before the price started rising.
There was no IP involved.
The IPA is closed and I have a letter confirming that from Clarke Wilmott. The letter took a couple of weeks to arrive after the final payment.
Hopefully it is quite a straight forward case.


Thanks for your help throughout the process


GU

debt_doctor

Yes, I'm glad it all worked out for you and especially that IPA we negotiated to reasonable rather than the extortionate proposal!
In the case you describe, if you have a serious interest in the creditors being paid in a timely manner then you need to make sure the dealing office closes the case and sends to Dividend Unit, as until this happens payments to creditors will not progress.


DD

GoingUnder

debt_doctor wrote: »

Yes, I'm glad it all worked out for you and especially that IPA we negotiated to reasonable rather than the extortionate proposal!
In the case you describe, if you have a serious interest in the creditors being paid in a timely manner then you need to make sure the dealing office closes the case and sends to Dividend Unit, as until this happens payments to creditors will not progress.


DD

I'll give them a bell, many thanks