Net needs 95 percent of its creditors on board for the deal to go through.

He says the number of creditors was also chopped, from more than 750 to about 60.

Also remember that you will need the cooperation of your creditors.

He said no formal vote of creditors would be needed.

If there is no committee, it may be fixed at a meeting of creditors.

A meeting of creditors must be held in the next 14 days after the determination to wind up has been made.

James refuses, and as a result, none of his creditors will trade with him.

Several of his creditors recently confirmed that they were indeed being paid.

He has also moved the bankruptcy process along, meeting with groups of creditors who have more than 65,000 claims against the company.

Even his life insurance was eaten into before I could be free of creditors.