Individual Voluntary Arrangement

An individual voluntary arrangement (IVA) enables an individual to put forward a proposal to creditors, being an agreement in satisfaction of their debts. The IVA proposal may involve delayed and/or reduced payments of debt, a lump sum settlement or an orderly disposal of assets.

A meeting of creditors is convened for the individual’s creditors to consider the IVA proposal. An IVA requires the approval of at least 75% by value of the creditors that vote. Once approved, it is legally binding on the individual and all creditors, whether or not they voted in favour of it.

An IVA avoids bankruptcy, potentially allowing individuals to maintain control of their assets and providing a better return to creditors.

We are able to act first as Advisor, making sure an IVA is right for the individual; secondly as Nominee to assist the individual to draft the IVA proposal, then as Supervisor once the IVA is approved.

Following approval the Supervisor administers the realisations, agrees creditors’ claims and makes distributions accordingly.