© 2019 Alexander Lawson Jacobs Ltd  |  Designed by Pelekan Design

Registered office: 1 Kings Avenue, London N21 3NA
Company registered in England No 5814561.  VAT No  884 3058 04.  Legal & Regulatory

Individual Voluntary Arrangement (IVA)

Individual Voluntary Arrangement (IVA)

 

An IVA enables an individual to make a formal proposal for payment to creditors through an Insolvency Practitioner. The proposed payments will be less than the full amount of the debt owed but the creditors would be accepting the offer in full and final settlement of their claim.

The proposal will be tailored to meet each individual’s circumstances but typically would involve the paying of a monthly payment, a lump sum or some combination of the two. Proposals can also take account of irregular income such as overtime or bonuses.
 
Creditors have the right to vote whether to accept or reject the proposal. If accepted, a legal agreement is created which is binding on the individual and their creditors. 

An IVA might be considered as an option for one of two reasons: 

  • To avoid Bankruptcy where that is considered too drastic a step, and may have unwanted personal repercussions. 

  • Where the option to make reduced payments would result in an unreasonably long repayment period to clear the debts in full.

Get in touch to find out more.

Personal Services

Individual Voluntary Arrangement
(IVA)

Learn More

Time to Pay Arrangements

Learn More

Bankruptcy

Learn More

Corporate Services

Company Voluntary Arrangement (CVA)

Learn More

Administration

Learn More

Liquidation

Learn More