Implementing an IVA

An IVA requires the approval of a majority of 75% of the voting creditors. If approved, the IVA binds all creditors, irrespective of whether or not they actually voted or attended the meeting.

Even if a creditor votes against the IVA, if the requisite majority 75% of creditors, by reference to the value of claims, vote in favour of the IVA then all creditors will be bound by its terms, and will be unable to take action against the individual.

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