Creditor voting

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john.jk

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Post by john.jk » Tue Jul 08, 2008 7:21 pm
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Please could you tell me how the votes are given from the creditors to say yes or no to the PROPOSAL ? And do the creditors with the higher debts have more say in the yes or no vote ! What percentage of the votes need to be yes to get approved ?
Thanks x
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TheMatrix

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Post by TheMatrix » Tue Jul 08, 2008 7:28 pm
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at least 75% of the votes by the amount of debt is needed for it to be accepted.

If one of your creditors do not vote then this is counted as they accept the proposal.
Last edited by TheMatrix on Tue Jul 08, 2008 7:29 pm, edited 1 time in total.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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pbeck

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Post by pbeck » Tue Jul 08, 2008 7:33 pm
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Actually, if one or more of the creditors don't vote, then it is counted as an abstention, you need 75% by value of creditors, you can read my article here http://www.iva.co.uk/community121/commu ... .asp?id=29 to get more detail.
Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist since 1996.
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pbeck

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Post by pbeck » Tue Jul 08, 2008 7:34 pm
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Sorry, something got missed off there, I meant to say "75% by value of creditors voting at the meeting either in person or by proxy"
Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist since 1996.
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Soulgrowth

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Post by Soulgrowth » Tue Jul 08, 2008 7:46 pm
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Like the photo Philip [;)]

Will you be joining us in Bradford at the weekend?

Debbie
Debbie
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pbeck

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Post by pbeck » Tue Jul 08, 2008 8:58 pm
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I didn't know what was happening in Bradford at the weekend.

Actually I'm off to an Insolvency Conference this weekend, if any of the other IPs read this post, it's here http://www.sesca.co.uk/sesca_insolvency ... e_2008.htm , probably too late to book now, but it's a damn good conference, similar to the R3 SPG conference.
Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist since 1996.
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MelanieGiles

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Post by MelanieGiles » Wed Jul 09, 2008 12:12 am
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Think I'll pass on that!

See you in Bradford Debbie.
Regards, Melanie Giles, Insolvency Practitioner
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