What is an IVA
Due to its formal nature, an IVA has to be set up by a licensed insolvency practitioner.
An Individual Voluntary Arrangement has the advantage of giving you a level of protection against impatient creditors.
Some useful facts about IVA’s -
- A bankruptcy order can be cancelled if a voluntary arrangement has been approved by yourself or the company representing you.
- Individual voluntary arrangements remain on a public register for anything up to 2 years after the date of completion or termination of the IVA.
- If the individual voluntary arrangement fails then the creditors can apply for the bankruptcy of the individual.
- Arranging an IVA can be a simple process if it is done with the right type of company and will give you the ability to move forwards without the burden of your debt on your shoulders knowing what will come next.
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