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This is a legally binding agreement between an individual and his/her creditors. Under this procedure, a licensed insolvency practitioner is appointed as nominee to prepare a report on proposals to be put forward to creditors. An interim order is made after the court has considered the proposal and this will provide protection from creditors taking further action.
After the interim order is put into action, the nominee gives creditors:
For the proposal to be accepted, 75% of creditors must vote for it. Any creditors who disagree are still bound by the decision. Creditors can ask for changes to the proposal at the meeting.
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