Commentary

35 Nature of individual voluntary arrangements

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
| Commentary

35 Nature of individual voluntary arrangements

| Commentary

II INSOLVENT INDIVIDUALS

(1) INDIVIDUAL VOLUNTARY ARRANGEMENTS

A: INTRODUCTION TO INDIVIDUAL VOLUNTARY ARRANGEMENTS

35 Nature of individual voluntary arrangements

An individual voluntary arrangement (‘IVA’) provides a statutory method for the insolvent debtor to secure a moratorium on his debts and enter into an arrangement which may comprise a composition in satisfaction of his debts or a scheme of arrangement or both1. The IVA binds every creditor who, in accordance with the Insolvency (England and Wales) Rules 20162:

  1. 35.1

        was entitled to vote in the creditors’ decision procedure by which the decision to approved the proposal

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