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Do creditors have to accept an IVA?

April 26, 2017Creditors IVA

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Do creditors have to accept an IVA?

2 Answers

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The decision to accept or reject an IVA is made by your creditors at a creditors meeting. You need to have 75% of the value of those that vote accept the offer being made for the IVA to go ahead. If this figure is not achieved then the IVA will fail.

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The decision to accept or reject an IVA is made by a vote of your creditors at a creditors meeting. You need to get 75% acceptance by debt value at that meeting for the IVA to go ahead. If less than 75% by debt value vote to accept the IVA, the IVA will fail.