Majority ‘No’ vote on consumer proposal
If I get a majority ‘no’ vote for my CP, is a physical meeting always scheduled within 21 days? Or, will the creditor voting ‘no’, make a counter offer right away, rendering a meeting unnecessary. I would agree to any counter offer to avoid bankruptcy. How does this work?
PS, My CP is giving them 40% of what I owe (around $35,000). From your blog, it seems 50% usually garners a yes vote, so am worried that I may get a no vote.
Either of the scenario’s you described can take place. As for the percentages, these change in every scenario as it is always compared to what you are worth in a bankruptcy, your monthly available cash flow, and which creditors are involved, so it is difficult for me to speculate with such little information. The best thing to do is to contact your trustee, they would be in a better position to help you with these questions.