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What is an Individual Voluntary Arrangement?
An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts.
How does an Individual Voluntary Arrangement work?
Our insolvency practitioner will work with you to put together a proposal to repay your debts (or some of them) to your creditors. If agreed, the IVA will cover all your unsecured creditors. An IVA can last for any length of time, but tends to be about five years.
What is a Partnership Voluntary Arrangement?
A Partnership Voluntary Arrangement (PVA) is a formal insolvency option and offers great flexibility to suit the specific circumstances of the partners.
How does a Partnership Voluntary Arrangement work?
PVA’s are especially useful for individual in industries of professions which cannot practice if they are declared bankrupt.
What is Bankruptcy?
Bankruptcy is an insolvency procedure designed to help insolvent individuals repay their debts.
How does Bankruptcy work?
To be made bankrupt, an individual must be insolvent: they must be unable to pay a debt when it is due, or their liabilities must outweigh their assets. Following the making of an order for bankruptcy by the Court, the bankrupt’s assets are vested in a trustee.
For more information as to whether this is the right option for you, please contact us.