While it’s important for as many creditors as possible to vote, the scheme can be approved based on the votes of those who participate. For the scheme to succeed, it requires support from more than 50% of voting creditors by number and at least 75% of the total value of funds represented by those voting.
Example: If 250,000 users, representing $300M in total value of unsecured liabilities, participate in the vote, the scheme passes if more than 125,000 creditors with a combined value exceeding $225M vote in approval of the scheme.
All creditors are encouraged to vote to ensure their voices are represented in the decision-making process.