Individual Voluntary Arrangement (IVA)

If you’re considering an IVA we provide expert advice on your options. An individual or sole trader can propose an IVA, which is a scheme that allows creditors repayment of all or part of their debts over a period of time as a means of avoiding bankruptcy.

Creditors have an opportunity to review an individual’s proposals and vote either against or for the proposals (with or without modifications) at a meeting of the individual’s creditors. A majority of over 75% in value of those creditors voting at the meeting must support the IVA for it to be binding on all creditors.

The advantages of an IVA are:

• Creditors will receive a more favourable return with an IVA than in a bankruptcy scenario
• Individuals will avoid the stigma, restrictions and consequences of bankruptcy with an IVA, as well as maintaining control of their estate
• Interest on debts will cease to be applied on approval of an IVA
• In certain circumstances, creditors may write off a proportion of their debt

Once complete, it will leave the individual debt free

We can advise individuals or sole trader, whether an IVA should be considered in the circumstances; assist in producing a viable proposal to put before creditors; facilitate negotiations and, if accepted, act as Supervisor of the IVA to ensure that it is carried out as envisaged.