IVA – Insolvency and individual voluntary arrangements
Insolvency means you are unable to pay your debts when they are due. The Insolvency Act 1986 is the legislation that covers all personal and corporate insolvency issues in the UK. Some issues are also affected by the Enterprise Act 2002. The two pieces of legislation cover insolvency issues such as administration, bankruptcy, liquidation, individual [...]
Insolvency means you are unable to pay your debts when they are due. The Insolvency Act 1986 is the legislation that covers all personal and corporate insolvency issues in the UK. Some issues are also affected by the Enterprise Act 2002.
The two pieces of legislation cover insolvency issues such as administration, bankruptcy, liquidation, individual voluntary arrangements and company voluntary arrangements.
An individual voluntary arrangement (IVA) is a way of dealing with personal debts that you cannot pay when they become due. An individual voluntary arrangement is when you make an agreement with your creditors by proposing an arrangement by which to settle your debts which has been approved by the court.
The Government’s Insolvency Service and the courts cannot advise you on specific insolvency problems. You should seek legal or financial advice about the insolvency options available to you.
More information
- Insolvency and bankruptcy
- Insolvency and liquidation
- Insolvency and administration
- Insolvency and company voluntary arrangements
- IVA – What is an individual voluntary arrangement?
- IVA – The individual voluntary arrangement process
- IVA – Who needs an individual voluntary arrangement?
- IVA – When to apply for an individual voluntary arrangement
- IVA – How to apply for an individual voluntary arrangement
- IVA – The advantages of individual voluntary arrangements
- IVA – The disadvantages of individual voluntary arrangements
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