NRP entered into IVA under which his creditors would receive a total of 27p in the pound over a period of 5 years in full and final settlement of his liabilities. 94% of his debts were represented by arrears of child maintenance. Held, CMEC was a creditor for the purposes of the IVA, but an Order made pursuant to IA, s.262 revoking the approval given to NRP's IVA proposal on the ground that the terms of the IVA were unfairly prejudicial to CMEC.
Full report: Bailii
