| Commentary

36.1 Background

| Commentary

36 Summary of individual voluntary arrangement procedures

36.1 Background

A debtor who is an undischarged bankrupt1 or who is able to make a bankruptcy application (ie the modern equivalent of a debtor's petition) may propose an IVA to his creditors2. He may do so by using one of two procedures:

  1. 36.1.1

        by obtaining an interim order—The regime contained in Part VIII of the Insolvency Act 1986, as originally enacted, provided for the debtor (or other person entitled to apply) to apply to the court for an interim order3, which was a prerequisite for obtaining a valid approval of the debtor’s proposal4.

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