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If a creditors meeting is held and a creditor with more than 25% of the of debt does not `attend/vote'(after being served due notice of the date) but all the remaining creditors accept will that have a bearing on the outcome? Or can the absent creditor appeal?

Hi and welcome.

Doesn't matter if they vote or not - if the ones that vote on the day agree then all creditors are bound by the IVA.

Hi Peter and welcome to the forum.

As Jan says - if they don't vote then it's tough.

A creditor who doesn't vote will be treated as a yes.

That is not correct langerbridge. Creditors who do not vote are not deemed to have taken part in the voting process at all.

Mel,

could you clarify please? In the case of an absent vote what happens if they hold more than 25% of the debt?

E.g. 4 creditors, 1) £15k 2) 20k 3) 10k 4) £15k

Creditor number 2 holds 33% (by value) of the total debt, what would happen if they abstain? is their £20k knocked off the total, so only 75% of the remaining £40k is required, or would the vote automatically fail?

Thanks in advance

DK

On the day of the meeting it is 75% by value of the creditors that vote on the day that sway the vote.

Anyone who doesn't vote, regardless of the amount they hold, are still bound by the IVA.

Thanks, Kallis

I'd got a feeling that that was the case, but the pessimist in me was saying that if a mojor creditor abstains then we're up sh*t creak.

I'll tell my pessimistic side to 'do one'.

Thanks again.

DK

That's the best thing to do!!!!! You are totally covered once the IVA has been approved.

Thank's all for your advice so it's happy days `ish'