What is an Individual Voluntary Arrangement [IVA]?
An IVA is an agreement with unsecured creditors to compromise on the funds owed to creditor sand/ or agree a period over which some or all their debt will be settled. It is a formal insolvency procedure under the Insolvency Act 1986 and should provide a better outcome for creditors than Bankruptcy. The legal effect of an IVA is to freeze your existing creditors to allow you to deal with them in a controlled manner through an agreed plan [“the Proposal”].The Proposal needs 75% in value of unsecured creditors to make it binding on all unsecured creditors.
Expert advice
We will assist in the preparation of the IVA Proposal be put to the creditors. Where the individual or partners are trading a business, we will also help prepare, if required, the financial projections, including (cash flow and forecast profit & loss to be included in the Proposal. Where necessary we shall speak and sometimes meet with the business’s bankers and other key creditors, including HMRC.
You might also be interested in
For expert advice
Contact our licensed insolvency practitioners directly to discuss how we can assist.
01483 405160
Speak to our professional advisers
For expert advice
Contact our licensed insolvency practitioners directly to discuss how we can assist.
01483 405160
Request a call back
For expert, impartial advice request a callback that’s convenient to you.
Book a meeting
We can come to you or you can visit our Guildford offices, or our London meeting venue.
