Notice to creditors
Decisions at the creditor’ meeting
Notice to creditors
After the interim order has been made the nominee will then give
notice of and, usually, chair the creditors' meeting.
Period of Notice: Not less than 14 days and not more than 28
days from the filing of the report (Rule 5.13 (2) Insolvency Rules
1986).
As well as the notice the nominee must provide a copy of
the
Decisions at the creditors’
meeting
The creditors' meeting will decide whether to approve the VA
proposals with or without modifications.
A creditor who has been given notice of the meeting is
entitled to vote in person or by proxy but must give written notice
of their claim to the chairman or nominee at or before the meeting.
The chairman of the meeting may admit or reject all or part
of a claim for voting purposes but the creditor or the debtor may
appeal against the decision.
In order to pass a resolution to approve a proposal or
modification, there must be at least a 75% majority by value of all
creditors voting, but excluding associated creditors the majority
needed is 50%.
To pass any other resolution proposed at the meeting requires
more than half by value of creditors voting.
