Creditors meeting - Voting

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michaelmarsh

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Post by michaelmarsh » Tue Feb 26, 2013 10:10 am
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Hello again [:)]

Quick question:

I'm currently awaiting my creditors meeting date and I currently owe 62k with the biggest of my creditors being a shortfall on a repossessed house for 46k.

If this creditor votes 'yes' to the IVA as it is proposed to them will the other creditors be bind too it, or can they still enforce adjustments to the plan?

Cheers peeps

M
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michaelmarsh

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Post by michaelmarsh » Tue Feb 26, 2013 1:00 pm
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Anyone help with this? The mortgage creditor is exactly 75% of the debt.
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ClareSilver

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Post by ClareSilver » Tue Feb 26, 2013 1:14 pm
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If they're exactly 75% then all creditors will be bound by the Arrangement if they vote in favour and all creditors will have to cease collection activities. However 46K is only 74% of the debt so another creditor will also need to vote positively.
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Tina Shortland

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Post by Tina Shortland » Tue Feb 26, 2013 1:42 pm
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Hi Michael, if on the exact numbers in your proposal the creditor is 75% and they vote, then yes your IVA will go through. If however they prove to be 74.9% then that .1% is enough to turn it the other way if all other vote against it. I am sure at least one other creditor will vote positively if you have a good team behind you. Keep us posted and fingers crossed!
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michaelmarsh

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Post by michaelmarsh » Tue Feb 26, 2013 2:38 pm
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Cheers to both of you
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