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Creditors paid when full HIP roll-out begins

Submitted by: MikeC (Admin) on 19-Nov-07 05:40:08 PM

It appears Habitus are seeking to enter into Voluntary Arrangements with its creditors in a bid to stay afloat until the Government release 1 & 2 bed properties.

A letter dated 15th November 2007 from "crisis management" consultants - Interco Associates - which was leaked (or sanctioned) onto the HomeInspectorForum today by someone under the username "habitus", says (verbatim):

HABITUS ACCOUNTS - Payments schedule

You will see from the attached letter of authority from Habitus that they have appointed us to ensure that all suppliers are fully informed and updated as regards company progress and to start preparing an invoice payment schedule.

You will see that the long delayed government confirmation on HIPS mechanisms is at last anticipated and Habitus wants to verify all purchase ledger amounts in advance of this so that payment can be planned to commence promptly as soon as the go-ahead facilitates this.

To that end we would be grateful if you would kindly mail back the attached form, as soon as possible, including any note of a special query you need us to answer. As the purchase ledger department has effectively been relocated to our offices for this exercise, please contact us with such queries direct, as they cannot be answered at the Habitus offices.

[cut - you'll have to wait 7 days for a reply...]

Obviously, the most likely question is "When will we receive payment". Although we cannot know this until the scheduling is complete, we have been tasked to finish this and write to you again, in specific terms, not later than Thursday November 29th.

[cut - will reply asap after 23rd]

Michael O'connor.

Interco services include:

...practical assessment of forward options, fast collection of debts, protection from hostile creditors, court orders, statutory demands, distress warrants and bankruptcy petitions and concluding effective Voluntary Arrangements. With limited companies, the process of closure, or Liquidation includes action to avoid Directors becoming personally liable for any debts.

Company Voluntary Arrangements (CVA)

Whilst it's not clear if this action is an official CVA, here is some info on what they are.

A company voluntary arrangement is used to rescue companies which are insolvent yet have an underlying business that would be profitable in the future without having old debts holding it back.

The proposal takes effect and is binding on all creditors who had notice and were entitled to vote at the meeting if it is accepted by a majority of the members and in excess of 75% in value of creditors present and voting.

More details over at Debt Counsellors: Company Voluntary Arrangement (CVA) and the Insolvency Helpline

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