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Posted: Wed Jan 22, 2014 9:34 pm
by fatcat
Hi, does anyone know how the voting is worked out? Is it 75% of the creditors have to agree or is it 75% of the debt value have to agree? We have 1 large debt (£26k) with NRAM then another 6 small ones ranging from £350 - £8000 (it looks awful when it's written down and still makes me cringe seeing it) We've got our creditors meeting on the 28th Jan and I'm dreading and looking forward to it in equal measures. Thanks for you time.
Posted: Thu Jan 23, 2014 8:33 am
by Adam Davies
Hi and welcome
It is 75% of the debt value held by all voting creditors on the day. Only voting creditors debt will count for the whole total debt, so you need 75% of this
Hope it makes sense
Regards
Posted: Thu Jan 23, 2014 8:46 am
by ClareSilver
NRAM will have the weighting in this case. They need to approve the IVA.
Posted: Thu Jan 23, 2014 8:57 am
by bridgey
What Claire said really... if the debt was £100 and one company had £75 owed, they would essentially have a veto to accept/decline the offer.