An individual can propose an Individual Voluntary Arrangement (IVA), which is a scheme to creditors for repayment of all or part of their debts over a period of time. An IVA is used 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 modification). A majority of over 75% in value of those creditors voting must support the individual voluntary arrangement for it to be binding on all creditors.
The advantages of an IVA are:
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Bailey Ahmad Business Recovery can; assist in producing a viable proposal to put before creditors; facilitate negotiations and, if accepted, act as supervisor of the individual voluntary arrangement to ensure that it is carried out as envisaged.