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Posted: Wed Sep 17, 2008 3:06 am
by major eyeswater
Hi, just had my IVA approved, thanks to Melanie and team.
I'm just curious, it seems common for creditors, even those who have a large stake, not to vote at all.
Why is this? Is it that they would vote yes, but just can't be bothered?
Posted: Wed Sep 17, 2008 8:52 am
by MelanieGiles
A lot of the creditors take a commercial decision that if they cannot influence the vote - ie they are owed less than 25% of the aggregate, that their time is spent on other things.
But there are certaintly more creditors participating in voting these days than say two years ago.
Posted: Wed Sep 17, 2008 10:03 am
by look_divine
my question is what if none of your creditors vote, what happens?
Posted: Wed Sep 17, 2008 11:32 am
by Blair Endersby
if no one votes then your IVA is not accepted. You must have a positive response from at least 75% of creditors who vote.
Posted: Wed Sep 17, 2008 11:40 am
by look_divine
thanks didnt realise how it worked
Posted: Wed Sep 17, 2008 2:03 pm
by Adam Davies
Hi
So if only one creditor votes and that is a yes then it's a 100% acceptance.
Regards
Posted: Wed Sep 17, 2008 2:10 pm
by plasticdaft
So if only 1 creditor who is owed a very small amount of your money is the only one to vote and they say yes you get the go ahead!!! Cool!!
Posted: Wed Sep 17, 2008 7:16 pm
by MelanieGiles
I once got and IVA accepted for £65,000 on the back of one vote - a £13 bill owed to the client's dentist!
Posted: Wed Sep 17, 2008 7:20 pm
by plasticdaft
MelanieGiles wrote:
I once got and IVA accepted for £65,000 on the back of one vote - a £13 bill owed to the client's dentist!
Fantastic,you could write a book on stuff like that!!!!