Individual Voluntary Arrangement (IVA)
An IVA is an alternative solution to bankruptcy in cases where there are assets or an income stream available to support a legally binding agreement between a person and their creditors. An approved IVA will ring fence historic debts for a period (normally up to 5 years) whilst assets are realised and income earned and applied to pay down these debts as far as practicable.
At the end of the agreed duration if all the terms of the IVA have been met any balance of unpaid debt will be written off. For an IVA to be approved 75% of an individual’s creditors by value who vote on the proposed IVA must agree to it.
Live Recoveries can advise you if an IVA is a feasible and appropriate solution for you to consider. If it is, we can assist you with documenting it, proposing it to your creditors and supervising its implementation if it is approved.
Find out how our team can help you to rescue your business from financial hardship from Liquidations and Administrations to CVAs our team has a solution for you.