Corporate Recovery & Insolvency

Individual Voluntary Arrangement (IVA)

An IVA is a process whereby an individual comes to an arrangement with his creditors as to how the debts will be repaid. As licensed insolvency practitioners we are qualified to act as “supervisor” to the IVA. The proposed arrangement, which requires the approval of the court, is sometimes used as an alternative to bankruptcy.

The details of IVA’s vary from case to case, but all involve a proposal to creditors for the repayment of debts over a specific period of time and/or up to a particular percentage of the total debt. To be able to take advantage of this alternative to bankruptcy the debtor must have assets that enable him to prove that creditors will receive a higher return than if bankruptcy were instigated

An IVA proposal must be accepted by 75% of creditors who cast their votes at a meeting of creditors and once it has been, it becomes binding on all creditors.

Insolvency

• Creditors' Voluntary Liquidation
  
• Members' Voluntary Liquidation
  
• Company Voluntary Arrangements
  
• Administration Orders
  
• Receivership
  
• Individual Voluntary Arrangements
  
• Trustee in Bankruptcy
  
• Advice to Debtors
  
• Informal Arrangements
  
• Advice to creditors