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28 days later

When will the courts allow an out of time challenge to an IVA? Daniel Lightman examines the case law

8 November 2002

Creditors wishing to challenge the approval of a debtor’s individual voluntary arrangement (IVA) should beware of applying out of time. A recent case has highlighted the importance of keeping to the 28-day time limit for bringing such applications – unless you have a very good excuse for applying late. Applications to the court may be made under s 262(1) of the Insolvency Act 1986 (the Act) on two grounds: that the IVA approved by a meeting of the debtor’s creditors unfairly prejudices the interests of a creditor of the debtor; and that there has been a material irregularity at or in relation to the meeting. Applying out of time However, s 262(3) of the Act provides that an application to challenge the decision of the creditors’ meeting “shall not be made after the end of the period of 28 days beginning with the day on which the report of the creditors’ meeting was made to the court under s 259”. By s 262(8), except by way of a challenge under s 262,...

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