Nobody likes to sign a document they don’t fully understand, especially when that document relates to paying your way out of debt. That’s why it’s understandable if you’d like more information on the Chairman’s Report, the document you need to sign to move forward with your debt arrangement.
In this guide we’ll look at the Chairman’s Report in more detail, including what the report is, what information is included within it, how you sign it, and what happens once you do.
What is the Chairman’s Report?
To move forward with a debt repayment plan, you first have to get the permission of your creditors – the people you owe money to.
A majority of your creditors (usually 75%) need to agree to any debt repayment plan you propose before it can be rubber-stamped. They do this during a process known as a meeting of creditors.
When your creditors meet to discuss and vote on your arrangement, the meeting will be led by a Chairman, who is appointed to oversee the process. The Chairman’s Report is a document that outlines what happened in the meeting.
You will need to sign your Chairman’s Report before you can begin your debt repayment plan.
What kind of information is included in my Chairman’s Report?
The Chairman’s Report of the meeting of creditors will contain the following details:
Creditor information
The report will list the names of each of the creditors you owe money to and who you want to be included in the arrangement.
Each of these creditors will also be sent a copy of the Chairman’s Report once it has been put together by the Insolvency Practitioner.
How each creditor voted
The most important piece of information included in the Chairman’s Report is how each creditor voted on your arrangement.
The names of your creditors will be listed in the report, alongside whether they voted to approve or reject your proposal, as well as an overall assessment of what the voting means for your arrangement – whether the majority of creditors have approved or rejected it.
Details of the Insolvency Practitioner for your arrangement
While you may have already been working with an Insolvency Practitioner who has helped you draft the proposal for your arrangement, it’s possible you’ll be working with a different IP once your arrangement starts.
The Chairman’s Report will confirm which Insolvency Practitioner you’ll be using going forward. That person will then help you manage your arrangement for the length of the agreement.
What you need to do to fulfil your arrangement
Just as important as whether your arrangement is accepted or not is the criteria you will need to meet to successfully pay off your debts using the arrangement.
Under many debt repayment arrangements, you’ll enter into a binding contract with your creditors. The Chairman’s Report will list the terms you will need to stick to to hold up your end of the bargain, including how much money each creditor can expect from your repayments.
When will I receive my Chairman’s Report?
Whenever your meeting of creditors has concluded, your Insolvency Practitioner then has four days to prepare the Chairman’s Report.
Once the Chairman’s Report has been prepared, the team at Creditfix will get in touch with you to let you know that the report is ready. We will then ask you to carefully review and sign the report.
How do I sign my Chairman’s Report?
The Creditfix customer app
If you’ve found this article through the Creditfix customer app, then you’ll already know that the app is the easiest and quickest way for you to sign your Chairman’s Report.
After we’ve notified you that your Chairman’s Report is ready to review, all you have to do is click on the ‘Documents’ tab on the bottom of the app screen, then click on the Chairman’s Report to enter the document.
Once you’ve read the report and are satisfied with the terms, you can create an e-signature and sign the document without having to leave the app. The whole process takes minutes.
If you can’t access the app or are having issues signing the report online, don’t worry. We’ll find an alternative way to share your Chairman’s Report with you.
What happens once I’ve signed my Chairman’s report?
What happens once you’ve signed your Chairman’s Report depends on how your creditors voted.
If at least 75% of your creditors voted in your favour during the meeting of creditors, then by signing your Chairman’s Report, you are confirming to us that you are happy to proceed with the debt repayment plan as laid out in the report.
You will then be free to start paying towards your arrangement.
If the report outlines that your creditors have asked to make certain modifications to your proposal, we’ll call you to talk you through the proposed changes. If you’re happy to go ahead with the requested modifications, we’ll make the necessary changes to your proposal and ask your creditors to vote on it again.
What happens if my creditors vote against me?
In the event that your creditors vote against you and your IVA is rejected, we’ll call you to walk you through the options available to you, which might include resubmitting your IVA proposal, restarting the IVA application process, or looking at alternative debt solutions we can offer you.
