Variation Meeting

[coco]

Hi my variation meeting is due to take place within the next few weeks, also allowing 28 days for creditors to vote, If Northern Rock do not vote does this mean that they do not accept the new dividend or will they loose the right to decline as they hold the majority vote.

Thanks

51 payments to go
(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

[MelanieGiles]

Hi Coco

If Northern Rock do not vote, then they will be bound by the decisions of those creditors who have voted. The voting process is exactly the same as at your first creditors meeting - a 75% majority is required from voting creditors.

Good luck and do let us know how you get on!

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

[coco]

Hi Melanie,

My supervisor said that he thinks it will be unlikely they will vote, against the original offer there will be a shortfall off approx. 5K i have calculated the dividend at approx 35p so will have to wait and see. I am not holding out for any acceptance but also at the same time i made it clear to the supervisor that we are seriously considering BR and will not be bullied into accepting any thing higher than what we can afford unlike the oringal meeting.

Keeping my fingers crossed if they accept this offer then the should be no reason as why the IVA cannot run it's full coarse.


51 payments to go
(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

[MelanieGiles]

You are taking exactly the right attitude to this
Coco, and seem far more positive now than your posts of a couple of weeks ago!

Variation meetings are generally ill attended, and in 10 years of doing IVA's I have never had one turned down. (Hope I don't get to eat those words!)

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

[Skippy]

Good luck Coco!

Onwards and upwards!!!

[neverending]

Lets ALL hope that you don,t have to eat your words!!