If approved, it binds all creditors who are sent notice of the meeting of creditors and who are all entitled to vote whether or not they actually decided to vote or attend the meeting. This means that after the approval of the CVA¸ those creditors will under normal circumstances, be unable to take any alternative action to recover their debt in full. Even if a creditor votes against the proposal and nevertheless the proposal is approved by a majority of 75% of creditors by value, then the dissenting creditor will be bound by the terms of the CVA. The IP will send to all creditors notice of the meeting of creditors together with a copy of the proposal for their consideration. Typically, the proposal will deal with the various different types of creditors in different manners. Secured creditors cannot have their security overreached by the CVA without their authority. Further creditors will be paid in accordance with the priority as set out above.