Insolvency FAQ # 14 – What happens with voting and passing resolutions at the creditors meetings?
Resolutions at creditors meetings are passed firstly on the voice of the participants. However, if a poll is demanded then a resolution will pass if more than 50% of creditors (in number) and 50% in value (of credit) attending the meeting vote in favour of the resolution. If there is a deadlock, the appointed chairman has a casting vote and usually exercises this vote in accordance with the recommendations as outlined in the report to creditors by the voluntary administrator.
