Individual Voluntary Arrangement ("IVA")
In short an offer is made to your creditors which is better than they would receive in bankruptcy.
An Individual Voluntary Arrangement ("IVA") is a recognised legal procedure that enables an individual to enter into a binding agreement with their creditors detailing how that individual's debts and liabilities will be dealt with, it allows an individual to retain control of his business or continue life as normal.
In essence, an IVA allows individuals with cash flow difficulties to repay his liabilities, either in part or full depending on what they can comfortably afford (including the Inland Revenue and VAT) over a period of time.
Please feel free to contact our sponsored company helpline if you have any questions.