Unless significant assets are likely to be realised within the bankruptcy, there is often little left for the creditors. They’d rather get some of their money back than none. While many people in debt would rather secure their home and/or business and pay off more of their debt (but a far reduced amount) than file for bankruptcy and have to cease trading/possibly lose their home As a formal agreement, an Individual Voluntary Arrangement (IVA) must be set up by a licensed professional.

A licensed Insolvency Practitioner (IP) will set up the IVA and present it to creditors at a creditors meeting. Once the arrangement is accepted the Insolvency Practitioner will then support and supervise the debtor to ensure the IVAs terms and conditions are met.

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