73.9% of the votes voting in favour

[martynd]

Hi,

I have entered into an IVA, and so far the creditors meeting has been adjourned twice, as one of my creditors hasn't bothered to vote! Twice! The uncast vote was by KPMG on behalf of RBS, and is doubly annoying as I currently have 73.9% of the votes voting in favour of my proposal. Kpmg have "proven the level of debt" (which I believe is one part of the voting process), but have yet to complete the vote.
My meeting reconvenes on March 5th, and I'd like to know what the chances of not getting a vote from KPMG are, and if there is anything I can do to improve my chances of a vote from them?
Could I pay them some money to take their % of the debt down, so that the other creditors have 75% of the vote?

Thanks.

[MelanieGiles]

Hi martyn

I don't think that KPMG represent RBS - are you sure you don't mean PricewaterhouseCoopers? Your IP should be working on this for you, but from my own experience with both KPMG and PwC they will help if they can. Which IP firm are you using?

And you cannot manipulate creditor balances simply to secure votes. This would represent an unfair preference.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[martynd]

Hi Melanie,

I am using Payplan, who so far have been excellent. According to them, I have so far had votes in favour from Egg, HSBC and Eversheads(on behalf of MBNA). The only no so far was from the Student Loan Company. I have been told that I don't need to worry as they should have a vote from KPMG for thre next meeting on March 5th. But I am worrying because surely they should have gotten their finger out by now? Would it be worth me ringing KPMG myself to see if they will vote this time, or should I just leave it to my IP? My IP thinks the reason for two non votes is just sheer workload for KPMG. That doesn't really explain why they've proven the debt though, does it?

[MelanieGiles]

Hi martyn

KPMG no longer have a workload problem, indeed when they want to vote they are voting approximately 7 days prior to the creditors meeting.

The problem is that they only tend to vote when they have an influencing vote - ie more than 25% which could alter the outcome of the proceedings. You rarely see them voting for small balances, but they will if asked nicely. Trust your IP has this all in hand?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[martynd]

Thanks for your reply, Melanie. So I may be being told some porkies?

The breakdown of my debt is as follows:

Egg £3000
First Direct £4985
MBNA £9370
SLC £6295
Tesco Personal Finance £21,540.

So as it stands, the power is in their hands, as it were.

[MelanieGiles]

I am sure that it is PwC who vote for RBS (Tesco). Get your IP to check this out. PwC always vote on proposals, so I wonder if they have a copy of yours? Would be interested to know if it is indeed with KPMG for my own benefit!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[mike_taylor]

KPMG represent RBS/Natwest if your surname begins with the letters A-F.

[MelanieGiles]

That is really useful to know Mike! Who says IP's don't learn something new every day!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk