What is an Individual Voluntary Arrangement [“IVA”]?
Quite simply, an IVA is the main way to avoid bankruptcy on the one hand and deal with your creditors in a controlled manner on the other.
The legal effect of an IVA is to freeze your existing creditors to allow you to deal with them in a controlled manner through an agreed plan [“the Proposal”].
In addition to providing the individual or partners with a free confidential consultation with one of our licensed insolvency practitioners at a convenient time and location, we will assist in the preparation of the IVA Proposal [i.e. the Debt Repayment Plan] that has to be put to the creditors in order to get their agreement to the proposed IVA. Where the individual or partners are trading a business, we will also help prepare the required financial forecasts to be included in the Proposal and where necessary speak and sometimes meet with the business’s bankers and key creditors.
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