Individual Voluntary Arrangement (IVA)
One alternative to Bankruptcy is an Individual Voluntary Arrangement (IVA).
- It’s a legally binding agreement between a debtor and their creditors, where the debtor repays all or part of their debt over a fixed time period.
- A debtor can either make a one off, or regular, payment(s) for the benefit of their creditors.
- An IVA based on regular contributions may last for up to five years.
- Contrary to popular belief, you can continue trading even if you’re a debtor subject to an IVA.
- However, you can still be made bankrupt for failing to comply with the terms of an IVA.
Download further information here Voluntary Arrangements