IVA accepted with 1 creditor vote?

[DebtDummy]

Please put up with my dumb questions just a little longer.[:D]
I thought to have an IVA accepted it required 75% of the creditors vote?
Jax had his/her accepted with 1 vote. Read his/her 13 Jan 2007 post.
WOW! Why didn't the rest of them vote? These IVAs are perculiar legal instruments. Did anyone else succeed on just 1 vote? Are they really that subjective? Or did that 1 creditor hold 75% of the total amount owed?

Thank you all very much. I promise once my brain gets this stuff I shall pose more sophisticated questions. Like,what were you doing on the day your IVA was accepted and what did you eat while filling in the income and expenditure forms.[:)]

All I have left is my humour.

[illihor]

I had my IVA agreed on 1 vote.

You are correct in that it is 75% majority by debt of those creditors who actually vote.

For example.

If only one creditor votes and votes in favour of the IVA that would be a 100% majority as they are the only creditor voting.

Hope this has cleared things up a little for you.

Kind Regards.

Lee

[DebtDummy]

Yes, that cleared it up. Thank you illihor. Gee, not bad going was it?

All I have left is my humour.

[Dominic]

exactly the same thing happened with my creditors meeting only one bothered voting and they voted Yes, so that represented 100% of those who voted.