The real estate agent has no power as the home owner decides if the offers are good enough
No not exactly. It is decided by a majority of creditors and the majority of the debt holders. If there is no agreement it's the administrator's call.
When a poll is conducted, a resolution is passed if both:
- more than half the number of creditors who are voting (in person or by proxy) vote in favour of the resolution
- those creditors who are owed more than half of the total debt owed to creditors at the meeting vote in favour of the resolution.
This is referred to as a ‘majority in number and value’. If a majority in both number and value is not reached under a poll (often referred to as a deadlock), the chairperson has a casting vote.