Your voting ...
On the day of your creditors meeting, you require a mojority of 75% in value of those creditors voting to gain acceptance of your arrangement proposals. (This is assuming that none of the creditors are connected to you in anyway, ie family members)
For example, say you had £25,000 in total. If the total amount owed to the creditors voting on the day is only £10,000, you only need £7,500 worth of votes 'For' and your proposal is approved.
Those who do not vote are bound by the decision of those that do. So using the example above, whether the £15,000 worth of creditors who did not vote was made up of a single creditor, or a number of creditors, they HAVE to abide by the decision of the £10,000 who voted.
Tell it like it is.
Last edited by
Cybus on Sun Sep 02, 2007 7:48 pm, edited 1 time in total.
Tell it like it is.
