I think each individual listed account has a seperate vote, but probably in practice if there are accounts owned by the same creditor the outcome will be the same for all such accounts.
Further to Andy's question, you need to consider the percentage of your overall unsecured debt each creditor holds. So, for example, if your overall debt was 40k and Northern Rock had 10k of this they would potentially hold 25% of the vote. However, the only amounts that are considered are those that actually do cast a vote. So if when the meeting came, two creditors holding 25% of the overall debt both voted, one said yes the other no, it would fail as it would in effect be 50% for and 50% against, not the 75% for that is required. Despite the fact that 50% of the overall value of the outstanding debt didnt even both to vote. But of course, the IP could then try and rally support from the none voting creditors to turn it around in your favour.
In relation to SIVA's, you would only need 50% of the vote. So that may make all the difference - as in the above scenario you would of probably got accepted (well, as long as it was 50.1% for as I understand!).
Last edited by
ivoriva on Wed May 30, 2007 12:37 pm, edited 1 time in total.
