SB - getting money from the Recievers

Murphy_The_Cat

Going back about a decade, one of my customers went into recievership, owing me several thousand pounds (they were sound, however other companies in the group took them down with them).
I filled in all of the forms and on an annual basis I got a breakdown of what the Reciever was doing for their (very substatntial) pay.
Each year, the story was the same, a huge amount of debt vs a minimal amount of funds, until April 2007 when I got a very unexpected letter from the Recievers. To cut a long story short, an asset of the debtors had released a much larger amount of money than was expected and now, all of the creditors could expect to receive a 'very substantial dividend' on what they were owed.

I was very intrigued (& happy) to get this letter and I contacted the Receivers to see if they could give me an idea of the size of the Dividend and also advise me if I would receive Statutory Interest on the debt. The answer was that the Dividend was as yet undecided, but that there would be NO Statutory Interest, as this is only paid out of the debt is satisfied in full.

ho hum, never mind, & time has gone on until Friday, when I was delighted to receive a cheque for the full outstanding amount (described as first and final dividend)- but NO Statutory Interest.

Here is my dilemma, the lady that I need to speak to at the Receivers is on holiday for a week. I would dearly love to bank the cheque and make use of the money, but I seem to have a dim and distant memory of something along the lines of "if you bank the cheque then you are deemed to have accepted the first and final offer to clear the debt and you will NOT be eligible for any further funds".

Does anyone have any experience/expert knowledge in this department ? as 10 years Statutory interest on several thousand pounds would be quite a substantial amount - and I'd like to have a bit of ammo line up for when I contact the Receivers !

cheers

msmicawber

Hi Murph,

I don't have experience of this, but wonder could you write to the contact at the OR with 'without prejudice' at the top of the letter stating that you do not accept this in full and final settlement, but intend to seek repayment of the Statutory Interest as well, and have banked the cheque as an interim payment? Let's face it, that's what creditors do to site members every day of the week.

Murphy_The_Cat

hmm, I fear that my cannons have been spiked.

I spoke to the Receivers today and they have advised me that right from the word go, Statutory Interest has been a no-no, due to it not being in the remit of the IVA.

oh well, I should be grateful for what I've rec'd.

msmicawber

I'm sorry to hear that, but at least you're getting the original debt repaid, I guess.

Murphy_The_Cat

msmicawber wrote: »

I'm sorry to hear that, but at least you're getting the original debt repaid, I guess.

Which I'm very pleased about, especially as the debt was 'written off' in the books ages ago.

Ah well, the cheque has now been banked and the money instantly spent