If a creditors meeting is held and a creditor with more than 25% of the of debt does not `attend/vote'(after being served due notice of the date) but all the remaining creditors accept will that have a bearing on the outcome? Or can the absent creditor appeal?
Doesn't matter if they vote or not - if the ones that vote on the day agree then all creditors are bound by the IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
could you clarify please? In the case of an absent vote what happens if they hold more than 25% of the debt?
E.g. 4 creditors, 1) £15k 2) 20k 3) 10k 4) £15k
Creditor number 2 holds 33% (by value) of the total debt, what would happen if they abstain? is their £20k knocked off the total, so only 75% of the remaining £40k is required, or would the vote automatically fail?
On the day of the meeting it is 75% by value of the creditors that vote on the day that sway the vote.
Anyone who doesn't vote, regardless of the amount they hold, are still bound by the IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
That's the best thing to do!!!!! You are totally covered once the IVA has been approved.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
