Closing the IVA on payments to date

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kallis3
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by kallis3 » Fri Aug 04, 2017 10:00 am
It's 75% by value of the creditors who vote on the day.
Almostfree
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by Almostfree » Fri Aug 04, 2017 10:08 am
Foggy wrote:
The "yes" vote has to be 75%, by value, of those who actually vote --- as with the initial meeting, any that do not vote are bound by the outcome anyway.


So if Barclays vote yes and HMRC don't vote at all (only other debt included is less that £200, Barclays and HMRC both owed roughly £5500 so their vote wouldn't count anyway?) then this would have to be upheld by all parties?
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Michael Peoples
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by Michael Peoples » Fri Aug 04, 2017 10:17 am
HMRC do not like settlements too early with trading businesses as they like to monitor these for at least a couple of years. If they did not vote at your last meeting it is likely because the debt was for tax credits which has a lower priority for them. Hopefully they will abstain again and Barclays can vote it through but regardless if the debt is tax credits I see no reason why they would now want to reject the IVA.
Almostfree
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by Almostfree » Fri Aug 04, 2017 10:29 am
Michael Peoples wrote:
HMRC do not like settlements too early with trading businesses as they like to monitor these for at least a couple of years. If they did not vote at your last meeting it is likely because the debt was for tax credits which has a lower priority for them. Hopefully they will abstain again and Barclays can vote it through but regardless if the debt is tax credits I see no reason why they would now want to reject the IVA.


I see. I do not have a business, it was a tax credit overpayment. That is one of the reasons I don't feel comfortable claiming tax credits again in order to afford the IVA.
So now I just have to see whether the creditors will accept the offer or not.
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Foggy
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by Foggy » Fri Aug 04, 2017 10:50 am
Almostfree wrote:
Foggy wrote:
The "yes" vote has to be 75%, by value, of those who actually vote --- as with the initial meeting, any that do not vote are bound by the outcome anyway.


So if Barclays vote yes and HMRC don't vote at all (only other debt included is less that £200, Barclays and HMRC both owed roughly £5500 so their vote wouldn't count anyway?) then this would have to be upheld by all parties?


Yes -- if HMRC remain disinterested and Barclays says yes, the others have to accept it.
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