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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

23 OCT 2012

Preface (Update 29)

Paul French

Guildhall Chambers

This summer I have had to concentrate on two particular issues on a recurring basis: the rights of secured creditors in the Individual Voluntary Arrangements (IVA) process and, on an almost daily basis, how to deal with Payment Protection Insurance (PPI) mis-selling claims.

As far as secured creditors are concerned, I have had two cases involving the valuation of the secured creditor's rights for voting purposes, one at the original creditors' meeting, and the other at a meeting to consider a variation to the approved IVA. In each case the debtor challenged the valuation put on the security by the secured creditor, which, in each case, was accepted by the Chairman/Supervisor as appropriate. In each case, the challenge failed, and the views of the secured creditor were upheld. More and more of these types of case are arising, given the extent of mortgage shortfalls, whether in the residential, commercial or buy-to-let markets.

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