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Homer2418

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Post by Homer2418 » Wed May 14, 2008 7:08 pm
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I have read that you require 75% vote when taking out an IVA from all your creditors, so what happens if you creditors dont agreed..

Is it then down to the courts to decide or do you have to go BK
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aguise

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Post by aguise » Wed May 14, 2008 8:15 pm
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Hi Homer, lady H is correct, but the 75% is on those voting, so in effect if only one creditor votes yes and none of the others vote, it will give you approval, as their vote is only one, in effect giving you 100% of the vote.
I hope I explained that correctly. Creditors do have a vote pro rata to the amount of the debt though so if all voted it would be dependent upon the major creditors. TSb held over 35% of our vote, and didnt vote, if they had we would have had a rejection, so of the actual creditors that voted we got 78%.
I hope I got this right, Melanie or Ian will correct me if wrong. I can confuse myself sometimes.

Ang
Please visit my blog at http://aguise.blogs.iva.co.uk/
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MelanieGiles

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Post by MelanieGiles » Wed May 14, 2008 9:36 pm
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Ang is spot on - as per usual!
Regards, Melanie Giles, Insolvency Practitioner
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