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Posted: Thu Jan 29, 2009 1:06 pm
by sazzysue
Our IVA was accepted 7th Jan 2009. We received a letter from the IP advising of the changes we agreed and they advised of the creditors who voted yes.
The creditors that did not vote are they still in the IVA, as all the big creditors voted yes and the IVA was approved?
Posted: Thu Jan 29, 2009 1:24 pm
by rayb
Hi,
If they did not vote but were aware (on the list) then that is there choice. As long as you get a 75% vote the IVA is accepted and Creditors are then bound by it
Posted: Thu Jan 29, 2009 2:17 pm
by flumpy dog
hi sazzy
rays correct.
if they were listed and informed they are bound-even if they chose not to vote
i had the same with mine-some didnt bother voting but they are still bound.
Posted: Thu Jan 29, 2009 3:34 pm
by soreloser
What if a creditor that represents more than 25%of value fails to vote? The value of the vote will be less than 75% - possibly a lot less.
What happens then?
Posted: Thu Jan 29, 2009 3:40 pm
by kallis3
Good question.
If they do not vote, I think they are deemed to have accepted, so it should go through ok.
Not 100% sure on that though.
Posted: Thu Jan 29, 2009 3:51 pm
by Michael Peoples
If 75% of the amount of money that votes is in favour the IVA is approved whether the others vote or not. I once had an IVA approved on a £90.00 Christmas hamper out of total debts of £44k. The others were bound as they had the right to vote but did not exercise it.
Posted: Thu Jan 29, 2009 4:34 pm
by size5
Nice to see Christmas Hampers getting a good press for a change Michael!!
Regards.
Posted: Thu Jan 29, 2009 4:47 pm
by Michael Peoples
Funny thing was that the debtor had ordered another one for the next Christmas and hadn't paid for the first one!
Posted: Thu Jan 29, 2009 5:09 pm
by kallis3
[:D][:D][:D]
Posted: Thu Jan 29, 2009 5:13 pm
by soreloser
75% of the money THAT VOTES....
I see now - thanks.
Posted: Fri Jan 30, 2009 12:14 am
by MelanieGiles
And Michael will also remember the IVA that we both worked on (when we were colleagues) that got accepted on the basis of a £40 dentist's bill! 100% at the end of the day.
Posted: Fri Jan 30, 2009 8:42 am
by size5
Dentists eh? Don't you just love 'em? I am still wincing from the near £400 bill I had for a false tooth when I got hit flush by a cricket ball at a very high speed.
They frighten me to death.
Posted: Fri Jan 30, 2009 10:13 am
by kallis3
Ouch! In the mouth and in the pocket!
Double whammy![:D][:D]
Posted: Fri Jan 30, 2009 10:40 am
by UpToMyNeck
Sorry, just so I can get this clear in my head? With Michaels example, ONE creditor with a £90.00 interest from a Xmas hamper was the only one to vote out of total debts of £44,000 so because the others chose not to vote, they were deemed to have accepted the IVA??
Posted: Fri Jan 30, 2009 10:47 am
by size5
They were bound by it as they didn't take the opportunity to voice their objections, if any, and 100% of the votes cast were in favour.
Regards.