I can only really explain what happens in my practice, but I am sure other IPs follow similar procedures.
Some of your creditors may have already voted, and others leave it until five minutes before the meeting before sending their faxes. If there are no votes, or rejecting votes which could be outvoted were more "yes" votes to be received, my staff vigourously ring around to see if creditors are interested in voting. This cannot be seen as "soliciting" votes, as this is not allowed under insolvency legislation, but in practice is more or less what happens. You tend to have people that you know very well, who deal with this sort of thing at the bank's end, so you are just generally ringing regular contacts.
As soon as the outcome for that day's meeing is known, we ring our clients to let them know the outcome. If sufficient votes have not been received, or creditors have submitted modifications, this will be explained to you in great depth so that you are clear what you are actually agreeing to. The proceedings can be adjourned for up to 14 days, to allow for more votes to be received or ongoing negotiations regarding modifications - but hopefully this will not be necessary in your case.
Assuming your proposals are accepted by creditors, your IP will advise you of the date they want you to commence payments and you then start countin the months down!
Very best of luck - we will be thinking of you on Tuesday.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
