Individual Voluntary Arrangement

Supervised by a Licensed Insolvency Practitioner an Individual Voluntary Arrangement is a legally binding arrangement. This is mainly to enable an individual, sole trader or partner “the Debtor” to come to conciliation with his creditors and shun the consequences of bankruptcy. In the conciliation, it should have had proposed a better repayment towards the creditor’s debt than could otherwise be expected were the Debtor to be made bankrupt. This is made easy by the Debtor making offerings to the agreement from his profits over a chosen period or from a third party input or other resource that would not usually be accessible to a Trustee in Bankruptcy. Individual Voluntary Arrangement is legal binding in which it prevents all creditors that will have all creditors notified and is included in the

 

Individual Voluntary Arrangement from taking any enforcement action against the Debtor post-agreement presumptuous the Debtor meet the terms with his commitment in the Individual Voluntary Arrangement, which is nothing like the tolerant familiar debt management products actively being marketed on radio and television. Particularly those who own their own property and desire to avoid the possibility of losing it in the event they were made bankrupt, an Individual Voluntary Arrangement is available. An Individual Voluntary Arrangement can also be available to all individuals, Sole Traders and Partners who are experiencing creditor pressure.