Individual Voluntary Arrangements (IVA)
The most popular alternative to bankruptcy. It is a formal contract between an individual and his or her creditors whereby the creditors agree to accept a reduced offer (usually) in full and final settlement of their debt. Once approved, it is binding on all creditors irrespective of whether that individual creditor had voted to reject the offer. It is flexible in nature and is therefore capable to being tailored to address an individual’s personal circumstances.
If you would like some more information on the individual voluntary arrangement services we provide, please contact personal.insolvency@accurapartnersllp.co.uk
