Creditors Meeting

The creditors meeting is usually held 2-4 weeks after the above has been circulated to creditors.

The purpose of the meeting of creditors is to agree or reject your IVA proposals with or without modifications which can be requested by creditors at the meeting.

Acceptance of the proposals requires 75% in value of those creditors who vote. The 75% relates only to those who actually vote, all will be bound by the terms of the arrangement whether they voted or not.

Upon approval of the IVA, a Supervisor is appointed (usually the Nominee) to ensure the proposals are adhered to and to distribute the dividends to creditors.

Assuming the debtor complies with the terms of the arrangement, upon completion of the IVA he will be fully discharged from all liabilities included within it.