help with f&f please

[swanseapete]

Hi had letter from my IVA co. setting the terms of my creditors meeting offering a f&f of £6000 instead of £10000 to settle
In the resolution 1 it says that 75% of creditors in present or by proxy must vote in favour (as last creditor meeting
In resolution 2 failure would be if 50% of creditors in person or by proxy vote in favour
then it goes on to say that if no votes are received the creditors will be deemed to have accepted confirmation of the failure of my arrangement and the supervisor will continue with the bankruptcy proceedings.
How can this be right, as i've spoken in person to some of my creditors and they say that they have written off the debts and most probably not vote. The last proposition only two creditors voted (value £1100 out of £40000) and they voted for bankruptcy what are my rights and is the IP able to put that last clause into the proposition as it wasn't in the first proposition. urgent help needed please
Peter

[kallis3]

I was under the impression that if the variation wasn't approved, you would just carry on paying into your IVA as normal.

I haven't a clue about the other resolution.

Hopefully one of the professionals will be along soon.

What company are you with?

[Michael Peoples]

It sounds like your IVA has failed and the resolutions are to determine what to do. If creditors vote to accept the £6,000 the IVA will be completed but they can vote for bankruptcy.

You need to get 75% of votes in favour to carry the settlement and if you receive no votes the previous resolution to bankrupt will stand.

That is my interpretation of it and if you have spoken to creditors it may be worth getting them to vote in favour particularly if they have already written the debt off.