| Commentary

38 Variation of voluntary arrangements

| Commentary

38 Variation of voluntary arrangements

It is particularly important that IVAs are drawn so as to cope, so far as is practical, with the possibility that circumstances may change. The relevant provisions of the Insolvency Act 19861 take IVAs through to their initial implementation, but make no provision to enable the supervisor, debtor or creditors to return to the court to obtain directions for a further creditors’ decision on a new proposal in the event that the circumstances in which the IVAs are implemented are different from those envisaged when the creditors made their decision. It is usually

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