INS10215 - Steps a debtor takes

After the IVA creditors’ meeting

After the creditors' meeting has taken place, providing there has been no adjournment, the nominee reports the outcome to the Court, and this first role is effectively ended.

• Report must be filed in Court within four days of the creditors' meeting and the
• Notice to creditors must be sent immediately the report is filed (Rule 5.22 Insolvency Rules 1986).

If the arrangement is approved the nominee (or another IP) will take on the role of supervisor to implement the terms of the arrangement.

The proposal becomes binding on both debtor and creditors. But there is a short appeal period for dissatisfied parties.

Appeal Period: Strict 28 Days from date report was lodged in Court including date of lodgement. (Section 262 IA1986 INS10271).