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For calculation of the 75% of value by creditors choosing to vote, does the rule distinguish between secured and unsecured creditors? If not, why not, given the latter has more to lose? Surely, a secured creditor already has security which cannot be jeopardised by an IVA. Also, given that a debtor's outstanding mortgage will often dwarf the value of other creditors combined, isn't the 75% by value threshold meaningless if it includes secured mortgagees ?

Hi dav - and welcome!

Secured creditors do not take part in the voting process, only unsecured creditors. However, a secured creditor does have the opportunity of revaluing the level of its security for voting purposes, and an unsecured debt could then be created for an shortfall in security, which would be allowed to vote.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk