I'm a creditor on an IVA. The 1st IVA was refused and has now been resubmitted at the same figure. It's been implied by the practitioner that any creditor not submitting a proxy form will be excluded from calculation. Is this correct please? Thanks in advance for any help. Very much appreciated and a good deed will be passed on in turn.
As far as I was aware then as long as the IVA was approved then all creditors are included whether they agree or not.
It does need an expert to reply though so hopefully one will be along to answer.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Cameron.m
I'm a creditor on an IVA. The 1st IVA was refused and has now been resubmitted at the same figure. It's been implied by the practitioner that any creditor not submitting a proxy form will be excluded from calculation. Is this correct please? Thanks in advance for any help. Very much appreciated and a good deed will be passed on in turn.
excluded from the calculation of what ? of the debt dividend distribution or in making up the magic 75% number ?
One for the IVA folks, Lisa, Michael ?
what happens if 4 companies all are owed 25% each of total and one doesn't return the proxy form does it then become the 3 who did return make up 33.3% each, or, they still only get a vote worth 25% each and the company that didn't return the form is deemed to have agreed it by not rejecting it ? (even though they haven't confirmed the debt) ?
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
Many firms do not submit a proxy therefore their vote does not count. They do get paid if the IVA is successful but they have no way of influencing the outcome.
In Longslogs scenario each creditor could block the IVA as they would have a third of the votes. For the IVA to be approved we need 75% of the amount of money that votes to be in favour. Some IVAs have been approved of rejected when only one creditor actually voted.
