Get expert opinion. This is the place for new questions to be posted.
-
fatcat
- Posts: 4
- Joined: Mon Nov 04, 2013 9:03 pm
- Location:
Hi, does anyone know how the voting is worked out? Is it 75% of the creditors have to agree or is it 75% of the debt value have to agree? We have 1 large debt (£26k) with NRAM then another 6 small ones ranging from £350 - £8000 (it looks awful when it's written down and still makes me cringe seeing it) We've got our creditors meeting on the 28th Jan and I'm dreading and looking forward to it in equal measures. Thanks for you time.
-
Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi and welcome
It is 75% of the debt value held by all voting creditors on the day. Only voting creditors debt will count for the whole total debt, so you need 75% of this
Hope it makes sense
Regards
Andam Davies
-
ClareSilver
- Posts: 597
- Joined: Tue Jan 15, 2013 2:15 pm
- Location: United Kingdom
NRAM will have the weighting in this case. They need to approve the IVA.
-
bridgey
- Posts: 142
- Joined: Mon Dec 02, 2013 9:19 am
- Location: United Kingdom
What Claire said really... if the debt was £100 and one company had £75 owed, they would essentially have a veto to accept/decline the offer.
Half the lies you tell aint true
