full and final IVA was approved (25p/pound).

[Worried Man]

I have my creditors meeting later this week. Query what happens if some creditors vote yes, some yes but with modification. Does any agreed modification apply to all the creditors or just those that asked for a modification. I assume all. I also assume that the dreaded 25% thresehold for a no vote only applies to the total debt. So in scenario with 21 creditors each with equal debt, 10 only vote and 6 vote yes, 4 vote and 11 do not bother, the IVA is accepted on basis yes vote equals 80%. Or is it refused on basis of no vote, of those that voted equals 40%?

[MelanieGiles]

Hi Worried Man

Votes at the creditors meeting are cast and the 75% acceptance percentages is taken on those who vote, rather than the aggregate debts - and also the voting is based upon the amounts owed and not the number of creditors.

You are correct in that if modifications are accepted they relate to all creditors.

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

[Worried Man]

Thanks for clarification. From what I can make out from other posts, most creditors do tend to vote, is that the case and are some better than others at voting

[MelanieGiles]

I would say it is about half and half. Those creditors who are represented by PwC, KPMG, Grant Thornton and the Insolvency Exchange generally vote on all IVAs.

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

[Adam Davies]

Melanie
How can Grant Thornton propose IVAs and also vote on them ?
It,s always intrigued me.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Andy

They run an extremely tight ship, and have a number of Chinese walls so I understand - ie the people writing the proposals are not the same people in the voting teams. And there is no favouritism.

I used to be a Manager at PwC in the days when we did lots of IVAs and were also voting for a lot of creditors, and on many a day I had to walk upstairs to my collagues in the voting teams to argue the case for one of my clients. And I did not always win!!!

This matter all boils down to professionalism, and you don't get much better than Grant Thornton.

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

[ivoriva]

Well, I used GT for my proposal. I am under the impression capital one are represented by GT but I maybe wrong. I had a debt with them, though small in the scheme of things, and they did vote yes and were one of the few (if not the only ones) who wrote to say they will be participating in my insolvency proceedings before my creditors meeting date. So looks like the proposal team won the arguement for me on this occassion.

[kellym]

Good luck worried man I am sure things will turn out ok. I can see you have loads of thoughts going on in your head at the moment but it will all be clear soon.

Great info tho,I wondered how a company could do IVA and vote. This forum learns me something new every day.

Smile it makes people wonder what you have been up to!

[DebtDummy]

Good luck Worried Man.

Take care

All I have left is my humour.

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.