What happens if another creditor appears ?
In accordance with Insolvency legislation as defined in the Insolvency Act 2000, all liabilities as may be due as at the date of the Voluntary Arrangement Proposal are caught by the Voluntary Arrangement. This basically means that whilst you had not notified all creditors that you had proposed a Voluntary Arrangement, any creditors you had not notified are still bound by the Arrangement. It is important to remember that this is only the case if it is an honest mistake. Obviously if it is a creditor that is intentionally excluded this could bring about default of the Arrangement.
