| Commentary

71 Termination of voluntary arrangements

| Commentary

71 Termination of voluntary arrangements

The successful completion of the IVA discharges the arrangement. On the death of the debtor during the continuance of an IVA, the creditors cease to be bound by it1.

Whether the making of a bankruptcy order against the debtor during the continuance of the IVA terminates the arrangement will depend upon the circumstances of each case. Upon a true construction of the terms of an IVA, it may be found that the arrangement imposes a trust upon the assets within the IVA which will not be terminated by a subsequent bankruptcy order2

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