IVA Questions & Answers
Q : What happens if some of my creditors disagree?
A :
As long as 75% of creditors (in value) agree then the other creditors will be automatically bound to the agreement.
If your proposal is not accepted first time then your Insolvency Practioner (IP) will be given the chance to draft a 2nd proposal on your behalf and present it to your creditors.
An IP should be carefully selected to handle your particular case based on your personal circumstances and you can feel safe in the knowledge that if the IP has taken your case on board then he/she will feel that they stand a high chance of aceptance.
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IVA Helpline : 08000 935 695.