A written agreement between a debtor and their creditors, registered with the Insolvency Service, which outlines the repayment of debts or restructuring of debtor's affairs.
An Individual Voluntary Arrangement (IVA) is a formal, legally-binding agreement between an individual and their creditors to pay off debts over a set period, usually managed by an insolvency practitioner.
An Individual Voluntary Arrangement (IVA) is a legally binding agreement between a person and their creditors to pay off their debts over a specified period, often with reduced payments.
A detailed examination of Company Voluntary Arrangements (CVA) and Individual Voluntary Arrangements (IVA) as defined under the Insolvency Act 1986, including their objectives, processes, and key differences.
