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Please refer to Individual Voluntary Arrangement for details together with a summary of the Advantage and Disadvantages of an IVA.

Simplistically an IVA is an agreement between you and your creditors.  It is legally recognised and joins all creditors so long as it approved by 75% of value voting at a creditors meeting.

A summarised outline of the 10 simple steps of a successful voluntary arrangement is as follows:

1. Detailed discussion with debtor to establish if Voluntary Arrangement is appropriate.  Information collection.
2. Draft proposal issued to debtor to review, amend and correct.
3. Proposal is finalised and provided to licensed insolvency practitioner, ‘the nominee’
4. The Nominee reviews the proposal, comments and consent to act.  The proposal is then filed in court.
5. The court awards a number, used as reference number.
6. Notice of the proposals together with a meeting of creditors is issued to all creditors and the debtor together with the Nominee’s comments.
7. The creditors meeting is held.
8. If 75% of creditors (by value of debt voting) agree to the proposal if it is approved.
9. You follow the payment terms of the proposal for its duration.
10. At the end of the arrangement in Certification of completion is issued.

Please note the steps above are an indicative guide in simplistic terms only.

If you would like to discuss an IVA with us please contact us.

 

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