Personal insolvency for dispute resolution practitioners: individual voluntary arrangements (IVAs)

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:

  • Personal insolvency for dispute resolution practitioners: individual voluntary arrangements (IVAs)
  • Coronavirus (COVID-19)
  • What is an IVA?
  • The effect of approval of the IVA
  • How to implement an IVA
  • 1. IVA Proposal
  • 2. Interim order
  • 3. Nominee's report
  • 4. Creditors' decision on the IVA proposal
  • Challenging an IVA
  • More...

Personal insolvency for dispute resolution practitioners: individual voluntary arrangements (IVAs)

This Practice Note contains a summary of individual voluntary arrangements (IVAs) and their impact on legal proceedings from a dispute resolution perspective.

Coronavirus (COVID-19)

This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and processes as a result of the Coronavirus (COVID-19) pandemic, including the Temporary Insolvency Practice Direction 2020. For further information, see Practice Notes: Coronavirus (COVID-19)—Changes to the court process in insolvency proceedings and The Temporary Insolvency Practice Direction Supporting the Insolvency Practice Direction (June 2021). For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.

What is an IVA?

An IVA is an agreement entered into between an individual and their creditors (and possibly with third parties) for a composition of that person’s debts or a scheme of arrangement of their affairs under the Insolvency Act 1986 (IA 1986). The type and content of the composition or scheme is a matter for the debtor and their creditors with the assistance of an insolvency practitioner (who is described as the nominee before the IVA is approved, and the supervisor after).

IVAs are proposed in circumstances where an individual is in financial difficulties, and usually following the presentation of a bankruptcy petition or to avoid a threatened bankruptcy petition.

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