why don't they vote?

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major eyeswater

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Post by major eyeswater » Wed Sep 17, 2008 3:06 am
Hi, just had my IVA approved, thanks to Melanie and team.
I'm just curious, it seems common for creditors, even those who have a large stake, not to vote at all.
Why is this? Is it that they would vote yes, but just can't be bothered?
 
 

MelanieGiles

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Post by MelanieGiles » Wed Sep 17, 2008 8:52 am
A lot of the creditors take a commercial decision that if they cannot influence the vote - ie they are owed less than 25% of the aggregate, that their time is spent on other things.

But there are certaintly more creditors participating in voting these days than say two years ago.
Regards, Melanie Giles, Insolvency Practitioner
 
 

look_divine

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Post by look_divine » Wed Sep 17, 2008 10:03 am
my question is what if none of your creditors vote, what happens?
 
 

Blair Endersby

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Post by Blair Endersby » Wed Sep 17, 2008 11:32 am
if no one votes then your IVA is not accepted. You must have a positive response from at least 75% of creditors who vote.
 
 

look_divine

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Post by look_divine » Wed Sep 17, 2008 11:40 am
thanks didnt realise how it worked
 
 

Adam Davies

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Post by Adam Davies » Wed Sep 17, 2008 2:03 pm
Hi
So if only one creditor votes and that is a yes then it's a 100% acceptance.
Regards
Andam Davies
 
 

plasticdaft

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Post by plasticdaft » Wed Sep 17, 2008 2:10 pm
So if only 1 creditor who is owed a very small amount of your money is the only one to vote and they say yes you get the go ahead!!! Cool!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

MelanieGiles

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Post by MelanieGiles » Wed Sep 17, 2008 7:16 pm
I once got and IVA accepted for £65,000 on the back of one vote - a £13 bill owed to the client's dentist!
Regards, Melanie Giles, Insolvency Practitioner
 
 

plasticdaft

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Post by plasticdaft » Wed Sep 17, 2008 7:20 pm
MelanieGiles wrote:

I once got and IVA accepted for £65,000 on the back of one vote - a £13 bill owed to the client's dentist!
Fantastic,you could write a book on stuff like that!!!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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