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Individual voluntary arrangements

This is a legally binding agreement between an individual and his/her creditors. Under this procedure, a licensed insolvency practitioner is appointed as nominee to prepare a report on proposals to be put forward to creditors. An interim order is made after the court has considered the proposal and this will provide protection from creditors taking further action.

After the interim order is put into action, the nominee gives creditors:

  • His or her comments on the debtor's proposal, including a comparison of what would happen if the debtor was made bankrupt
  • The proposal detailing who will be paid what and over what period of time
  • Notice of the date and location, at least a fortnight ahead, of the creditor's meeting
  • A list of the assets and liabilities of the debtor, known as a statement of affairs
  • A list of creditors
  • A guide to the fees charged by the supervisor following approval of the IVA
  • A proxy form if a creditor cannot attend the meeting

For the proposal to be accepted, 75% of creditors must vote for it. Any creditors who disagree are still bound by the decision. Creditors can ask for changes to the proposal at the meeting.

For a local appointment contact:

Aylesbury 01296 509188
Birmingham 01216 078461
Burton on Trent 01283 599193
Coventry 02476 578323
Derby 01332 639340
Malvern 01684 893327
Manchester 01619 308958
Oxford 01865 389426
Reading 01183 733005
Redditch 01527 539305
Solihull 01216 078462
Southampton 02380 308569
Stafford 01785 318081
Stoke on Trent 01782 607199
Tamworth 01827 849120
Walsall 01922 438147
Wolverhampton 01902 488189

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