If a creditor chooses not to vote ?

[adamdw]

If a creditor who was included in the proposal chooses not to vote are they still bound by the IVA if it is approved at the creditors meeting?

[plasticdaft]

Yes.

[Viki.W]

Hey adam, welcome to the forum. My main creditor was Lloyds TSB and they didn't vote. It was approved and they are bound by the IVA.

[kallis3]

Even the ones who vote no will be included provided they are in the minority. Lloyds TSB voted no for me, but they were only a small creditor so mine got approved.

[adamdw]

Hey guys, thanks for the replies, sorry I haven't been on since I posted the question! The creditor of mine who didn't vote was the students loans company. If they had said no then it wouldn't have gone through as they were about 26% of the total debt and MBNA had also said no. My IP said that the Student Loans Company had their chance to vote but as they didn't they are bound by terms of the arrangement anyway. Sounds reasonable to me, but thought I'd get some impartial advice from you guys.

What worried me is that the non-voting creditors were not on the chairman's report, but I guess this is normal isn't it?[;)]

[Viki.W]

Hey Adam, my non-voting creditors were listed on my chairmans report, maybe Melanie can tell you for sure. X

[kallis3]

All my creditors were listed on my chairmans report.

Check it out, just to make sure as Viki says.

[adamdw]

Hey Adam, my non-voting creditors were listed on my chairmans report, maybe Melanie can tell you for sure. X

Hey Viki, Thanks for letting me know. That does concern me a bit that your non-voters were listed on the Chairman's Report. Mine were listed on the Proposal that was filed at court at least.

Who's Melanie by the way? I would certainly like another opinion on this! I just don't want any nasty surprises further down the line just when I thought I'd FINALLY got myself sorted! [;)]

[Viki.W]

Melanie Giles is an insolvency practitioner who post on here, she is my IP. Hang in there and Melanie will be able to answer your question. If they were listed in your proposal then not sure why they weren't on your chairmans report but I really wouldn't have a clue so please wait for Melanie. X

[MelanieGiles]

Hi Adam

So long as the Student Loans Company were properly circulated with copies of your proposals, and I am suprised that they did not vote because they normally do every time, then they are rightfully bound by the terms of your IVA.

[adamdw]

Hi Melanie,

Thanks for the advice. I have since rang the Student Loans Company to confirm they knew about the IVA and said that they did and have also received all paperwork etc. I guess I was lucky they didn't chose to vote as it would have swung it the other way if they said no to the proposal.

Thanks again, Adam