Given the creditor's voting power, probably better to make direct representation to them before putting the whole IVA together.
If you are not bankrupt yet, I would talk to the petitioning creditor to see if they will agree to an adjournment of the bankruptcy proceedings whilst you forumulate your IVA proposals. As it is likely that they may well get a better return under an IVA than bankruptcy, you may be able to persuade them to withdraw their petition.
Good Luck.
And to Ray - it was a pleasure to meet you at the debt forum this evening. Sorry I had to dash off, but I hope you enjoyed the debate as much as I did. Very nice to put a name to a face!
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