Creditors Meeting

[john.jk]

Can anybody tell me what happens at the IVA meeting ?
Do the creditors actually all get together with the I.P or is it done by another means ??

[Viki.W]

Hey John, voting is usually done by fax or phone. Viki X

[plasticdaft]

Or not at all if you are lucky!!!

[kallis3]

Yes, in our case we had five creditors between us (some multiple debts with some of them). Only RBS voted yes, Lloyds TSB voted no, and the rest didn't bother!

[Viki.W]

If they don't vote is that counted as a yes or a no? Do you still need 75% of creditors to actually vote yes for it to be approved? Viki X

[kallis3]

If they don't vote, it is deemed that they approve. As long as 75% of your creditors either vote yes or don't vote at all, it will be approved.

[Viki.W]

Thanks Kallis, I always wondered about that. X

[MelanieGiles]

Just to clarify that there does need to be at least one vote supporting the arrangement for it to be accepted. No votes means no IVA!

[Adam Davies]

Hi
Yes just to clarify this point.
A no vote is exactly that a NO vote and it does not equate to a yes vote.
You need a 75% or more yes vote from creditors,BY VALUE HELD,that actually vote on the day.
For example if you owed a total of 120k between four creditors each owed 30k and only one voted and it was a yes then your IVA would be agreed[100% yes vote].If two voted and one said yes and the other no then your IVA will be rejected as you only received a 50% agreement.If all four voted and one said no then your IVA would be accepted on a 75% agreement[120k worth of debt voting and 90k agreeing]
I hope this all makes sense
Regards

[Viki.W]

Thanks Melanie and thanks Andy for that explanation....I understand perfectly now. viki X