IVA – The individual voluntary arrangement process

If you want to apply for an individual voluntary arrangement, you must appoint an Insolvency Practitioner to supervise the implementation of the agreement. At this point the Insolvency Practitioner’s role is called “the nominee”.

Once you have appointed an Insolvency Practitioner, you need apply to the court for an interim order, which s tops your creditors from presenting the court with a bankruptcy petition against you.

Insolvency Practitioner’s duties

• They must establish that you are proposing a viable arrangement
• If it is vi able, they must report to the court to st ate that a meeting of the creditors is being held.
• They hold a meeting between you and your creditors, where the creditors vote whether or not to approve the arrangement.
• If the arrangement is approved, they supervise the arrangement and oversee payments to your creditors.

During the administration process

• You must make all payments agreed by the company voluntary arrangement.

Ending the administration process

The arrangement ends either when it is completed or when it has failed, for example, if you miss a creditor payment.

You may find this link useful for  a discussion about your circumstances

More information

• IVA – What is an individual voluntary arrangement?
• 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
• IVA – Insolvency and individual voluntary arrangements