IVA – When to apply for an individual voluntary arrangement
You may want to consider applying for a individual voluntary arrangement (IVA) when you are facing administration or bankruptcy. It is better and cheaper for you to set up an individual voluntary arrangement before you become bankrupt but you can propose one afterwards. If you do propose one after bankruptcy, it is possible for you [...]
You may want to consider applying for a individual voluntary arrangement (IVA) when you are facing administration or bankruptcy.
It is better and cheaper for you to set up an individual voluntary arrangement before you become bankrupt but you can propose one afterwards. If you do propose one after bankruptcy, it is possible for you to nominate your trustee to be the superv isor of the arrangement.
The Government’s Insolvency Service and the courts cannot advise you on specific insolvency problems, so you should seek legal or financial advice about the insolvency options available to you.
Your creditors cannot propose an individual voluntary arrangement. The insolvency options open to your creditors are to petition for your bankruptcy or administration.
More information
- IVA – What is an individual voluntary arrangement?
- IVA – The individual voluntary arrangement process
- IVA – Who needs 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
- Related Articles
