25% vote against

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.

One Response to “25% vote against”

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.