i.v.a's on theday of meeting what happens

zzxxee | 15:39 Wed 24th Mar 2010 | Personal Finance

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if one or more of the creditors rejects the i.v.a ??? whats the next step

bank account

Bank cheques

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Buenchico

As long as the debt owed to those creditors who agree to the application is equal to, or exceeds, 75% of the total debt, the proposal will be binding upon all creditors (including those who've voted against it). i.e. the IVA will still be approved.

If the creditors who vote against the proposal hold more than 25% of the debt, the proposal will fall (i.e. you'll be refused the IVA).

Chris

zzxxee

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thankyou chris

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