25% vote against
March 14th, 2008 by Questions
I put forth a consumer Proposal. Its was rejected by a creditor who i owed(32%) the rest all voted in favor(68%). Now at the 1st creditor assembly what is the majority needed for the proposal to be accepted at this meeting.
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March 16, 2008 at 1:55 am, Barton Goth GCO Bankruptcy Trustees said:
What has likely happened is that you have had a request for a creditor meeting as 25% or greater of your creditors voted against teh proposal. So a creditor meeting is being called. However, to get a consumer proposal accepted you only need a majority of the creditors to cooperate. So from the sounds of it with 68% of the creditors happy you shoudn’t have to worry.