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Posted: Sun Jan 13, 2008 8:13 pm
by trog
When it says 75% HAVE YO AGee is that the amount of creditors or the amount of debt, say ifyou had 1 creditor with more tham 75% of debt and they agreed would it be approved if others rejected it
Sorry not making it clear
Posted: Sun Jan 13, 2008 8:16 pm
by MelanieGiles
The voting is carried out on 75% of those that attend in terms of the value that they are owed. So in your example the IVA would be accepted.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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Posted: Sun Jan 13, 2008 8:38 pm
by cr15py
Yes, as Melanie says - if you have debts of say £20,000 - you owe £10k to one, £9k to another and £1k to a third, and only the £1k creditor votes, then your IVA would be accepted.
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http://cr15py.blogs.iva.co.uk