IVA Variation

manfer_manfer

IVA variation approved at meeting of creditors, now in dispute by one of the creditors, can they recind the agreement?

manfer_manfer

As in... I was told it was agreed, can it be un-agreed?! 

sourcrates

The same voting system that originally approved your IVA, is also used for variations, so 75% of your creditors, by value of debt must agree to it.

manfer_manfer

sourcrates said:

The same voting system that originally approved your IVA, is also used for variations, so 75% of your creditors, by value of debt must agree to it.

Thanks for replying, I understand that 🙂 
I've not explained myself I very well I don't think, it's the fear of my posts coming back to bite me!

The meeting date has passed and I thought it was over, emails said nothing further required as variation was agreed, but now a creditor is disputing the outcome.

I'm just devastated that we thought we were at the point of starting afresh and moving forward and it may not be the case.

I appreciate, I made the bed so must lie in it, whatever the outcome... just the anxiety of waiting for the outcome of the dispute is crippling 🥺 and this felt my only place to turn

fatbelly

It sounds like a minority creditor objects.

In which case, they are out-voted

sourcrates

manfer_manfer said:

sourcrates said:

The same voting system that originally approved your IVA, is also used for variations, so 75% of your creditors, by value of debt must agree to it.

Thanks for replying, I understand that 🙂 
I've not explained myself I very well I don't think, it's the fear of my posts coming back to bite me!

The meeting date has passed and I thought it was over, emails said nothing further required as variation was agreed, but now a creditor is disputing the outcome.

I'm just devastated that we thought we were at the point of starting afresh and moving forward and it may not be the case.

I appreciate, I made the bed so must lie in it, whatever the outcome... just the anxiety of waiting for the outcome of the dispute is crippling 🥺 and this felt my only place to turn

No, you have explained yourself quite clearly, as fatbelly comments -

"It sounds like a minority creditor objects.

In which case, they are out-voted".

As long as the majority creditors all agree, the rest are out voted, the IP will do what they can to ease any concerns this particular creditor may have, but votes are votes.

Way back when my IVA was up for a variation meeting, two minority creditors voted no to every single amendment, there objections were noted, there was nothing that could be done to placate them, and the variations were passed.

manfer_manfer

Thank you both for taking time to reply - it's much appreciated.

It's been an emotional week all round but it's sorted, my IP has been great... just me panicking between contacts! Thank you for taking time to reply.

Onwards and upwards, here's to the future.