What happens at the creditors meeting?
Once the negotiations are over the insolvency practitioner will put it to a vote. If 75% of your creditors ‘by value’ of those who vote agree to the IVA, then the rest are bound by the IVA, even if they voted against it. Sometimes creditors will argue about the terms of the IVA. Some may ask that you make payments over a longer period, or, ask that your assets are used to raise cash to pay for the IVA – this may mean selling or re-mortgaging your home, or selling your car, or any other asset you may have that can be sold to raise cash.
