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Does a CVA bind all creditors?

The simple answer is yes, it binds all creditors who were entitled to receive notice of the CVA irrespective of whether they did infact receive the notice. This includes creditors who voted against the proposals. However, more than 75% of creditors attending the meeting of creditors that considers the proposal, in person or by proxy, must vote for it.

Please note that the above is provided for illustration purposes only and comprises a short view of extremely complex insolvency and other legislation. This is a complicated area and specific advice must be sought before undertaking any course of action or before refraining from any course of action. Gore and Company takes no responsibility for any loss incurred to or by any person who either acts or refrains from acting on the basis of the above or of any other item published on this website. The above note may not be reproduced without the prior written consent of Gore and Company.

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