meeting of creditors question

[kiki]

hi
could someone answer a question for me if possible? if one of your creditors doesnt vote at the meeting does that count as them accepting the IVA proposal? and if not does a new meeting have to be arranged? how does this affect you if the creditor that doesnt vote holds over 40% of your debt?

any help would be great

thanks x

[Moneystinks]

I think that if the one that holds 40% doesn't vote ten it is down to 75% of the remaining debt. I think they are just not counted full stop but if it gets approved then they haveto go with it


Please anyone correct me if I'm wrong.....

[luluj]

As long as 75% of creditors who vote are in favour of the IVA then this will achieve you your agreement - those that do not vote, are then automatically included in it and have to accept it !

[Adam Davies]

Hi
Lulu is correct.
It is all down to who votes on the day and how much they are owed.
Add up the debt owed to the creditors that vote on the day and if at least 75% of debt held votes yes then the IVA will be approved.Those that do not vote are bound by the outcome REGARDLESS of how much they are owed.
It is possible for only one creditor to vote yes,who is owed £500 for example,and for others owed £100k + not to vote and then to be bound by the agreed IVA
Regards

[plasticdaft]

Is it often the case that creditors with a small stake will not bother voting?? I have looked at voting results and there really doesnt appear to be a regular pattern(though the voting figures i have looked at have been rather limited)

[kallis3]

One of my smaller ones voted no. The other small ones didn't bother.

[c.j]

only my smaller creditors voted. these were credit card and catalogue, the creditors with loans didnt vote at all

[kallis3]

It certainly seems different from case to case. One of my loans and credit cards did, Lloyds voted no and the rest didn't bother.