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An individual voluntary arrangement (IVA) is a formal alternative in England and Wales for individuals wishing to avoid bankruptcy. In Scotland, the equivalent statutory debt solution is known as a protected trust deed. The IVA was established by and is governed by Part VIII of the Insolvency Act 1986.
In the UK the individual voluntary arrangement (IVA) represents the main formal alternative to a debtors bankruptcy petition. The IVA is part of the Insolvency Act 1986 and essentially allows a debtor to reach a formal repayment arrangement with their creditors usually over a 5-year period. In most cases the debtor does not repay their debts in ...
Individual Voluntary Arrangements (IVAs) operate in England, Wales & Northern Ireland as a contractual agreement between the insolvent individual and the creditors they owe money to. IVAs are facilitated by an Insolvency Practitioner and are an agreement that the individual will repay agreed instalments over a fixed period of time. [ 10 ]
As an alternative to bankruptcy, a debtor may propose an individual voluntary arrangement (IVA) to his creditors (see Part VIII of the Insolvency Act 1986) or a debt relief order if debts do not exceed a certain threshold. An IVA takes the form of a proposal to creditors to pay some or all of the debtor's debts over a period of time by selling ...
The Insolvency Act 1986 followed the publication and most of the findings in the Cork Report, including the introduction of the Individual Voluntary Arrangement (IVA) and Company Voluntary Arrangement (CVA) procedures.
An Individual Voluntary Arrangement is a legally binding arrangement supervised by a licensed Insolvency Practitioner, the purpose of which is to enable an individual, sole trader or Partner ("the Debtor") to reach a compromise with his creditors and avoid the consequences of bankruptcy. The compromise should offer a larger repayment towards ...
ICHRA stands for Individual Coverage Health Reimbursement Arrangement, a type of health benefits plan that allows employers to reimburse employees for some or all of the premiums they pay for ...
When an individual been made bankrupt in the UK it's legal and advisable to have a make use of an IVA referred to as a "fast-track individual voluntary arrangement" which implies the bankruptcy order can be annulled if all the terms have been fulfilled. It is necessary to put forward a payment proposal to the creditors that allows them to be ...