The following Restructuring & Insolvency guidance note Produced in partnership with David Nicholls of Landmark Chambers provides comprehensive and up to date legal information covering:
The process for entering into an IVA begins with the debtor’s proposal. In practice, this will be formulated by the debtor in consultation with a qualified insolvency practitioner (IP). At this stage the IP is known as the nominee. If the proposal is approved by the debtor's creditors, the nominee will usually become the supervisor of the IVA. For further reading on IVAs generally, see Practice Note: Individual voluntary arrangements (IVAs)
Any debtor may make an IVA proposal. This includes a person who is an undischarged bankrupt. The nominee will usually meet the debtor, who will provide details of assets and liabilities, together with supporting documentation. While the terms of the IVA proposal are put forward by the debtor, the document is in practice drafted by the nominee.
The IVA proposal will provide a short explanation of why an IVA is desirable and that the creditors are likely to concur. The IVA proposal must set out the information set out in IR 2016, SI 2016/1024, r 8.3 so far as known to the debtor, including:
the debtor’s assets and whether or not (and to what extent) they are included in the IVA
other property in the IVA, for instance a lump sum payment from the debtor's spouse
the debtor’s liabilities
the proposed duration of the
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