IVA meeting - Only 2/14 creditors voted

rhythmb

Hi, so I had my IVA creditors meeting earlier, and of the 14 creditors I have, only two of them voted. My IVA is with Payplan and they said it doesn't happen often, they both voted to approve it with no amendments and she said it is now legally binding.

Is there a chance any of those that didn't vote could reject it afterwards, or have they all missed their chance?

sourcrates

No, too late now, as they have told you, its now legally binding, thats it, that boat has now sailed.

DorisTrousers

Creditors have a 28 day period after an MOC to challenge it, so neither of the above posts are strictly true BUT the reasons that they may do so are very limited.

Examples could be glaring errors on the paperwork, or creditors being aware of an asset that has not been declared in the proposal. I did once deal with a chap who "forgot" to tell me about his 1/2 million pound penthouse in Hong Kong.

It is fair, though, to say it is 99% certain that it will not be challenged and will therefore be legally binding. I have little sympathy for creditors who don't vote, on their own heads be it I say.