75% Voting To Agree for iva

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trog

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Post by trog » Sun Jan 13, 2008 8:13 pm
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When it says 75% HAVE YO AGee is that the amount of creditors or the amount of debt, say ifyou had 1 creditor with more tham 75% of debt and they agreed would it be approved if others rejected it

Sorry not making it clear
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MelanieGiles

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Post by MelanieGiles » Sun Jan 13, 2008 8:16 pm
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The voting is carried out on 75% of those that attend in terms of the value that they are owed. So in your example the IVA would be accepted.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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cr15py

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Post by cr15py » Sun Jan 13, 2008 8:38 pm
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Yes, as Melanie says - if you have debts of say £20,000 - you owe £10k to one, £9k to another and £1k to a third, and only the £1k creditor votes, then your IVA would be accepted.

Visit my blog at http://cr15py.blogs.iva.co.uk
Chris
Visit my blog at http://cr15py.blogs.iva.co.uk
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