font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MerlinL14
Reference Page 3 para3, yes and no. Yes if both the creditors and debtor agree to the variation, no if the number of voters who vote NO are greater than those who vote yes (or maybe not!).
Hi Merlin, do you have a copy of the letter and proposed terms variation..
The reason I ask is that the proposed variations are not for you to agree to as they are not off GT, they are actually written by GT on your behalf and you are being asked to submit them to, I assume, the creditors.
The top of the page says it all "To enable the IVA to be progressed and concluded to the satisfaction of creditors, I (the debtor) have proposed a number of variations to the proposal as originally approved."
Also within item 4 it clearly says that "irrespective of whether or not these modifications are accepted by creditors the debtor shall, by proposing them, be deemed to have provided and irrevocable authority to the supervisor" so it is irrelevant if the creditors agree as you are giving carte blanche to GT just by agreeing to the variations....
Unless, of course, I am getting completely the wrong end of the stick here......