Individual Voluntary Arrangement (IVA)
You can benefit from a business rescue – even if you’re self-employed or a partnership. Our approach is exactly the same in all situations. We listen to your challenges, take time to understand your aspirations for the future, and create a plan that could help you meet your goals.
The Individual Voluntary Arrangement process is similar to a Company Voluntary Arrangement (CVA) but specifically for the self-employed and partnerships.
What is an Individual Voluntary Arrangement?
An Individual Voluntary Arrangement is a contractual agreement between you and your creditors regarding new payment terms for outstanding debts. It’s also a preferable alternative to bankruptcy.
As well as rearranging your debts, an Individual Voluntary Arrangement will buy you precious breathing space to create a business rescue plan. Together we’ll look at what’s working for you and what’s not. What the most pressing commitments are and what can be dealt with a little later. It’s a holistic plan of action that tackles the present challenges and prepares you for the future.
As part of this process we’ll go through your finances with you, to work out what can be offered to creditors to make an Individual Voluntary Arrangement worthwhile for them. The next step is for us to put together a proposal to creditors stating the ‘pence in the £’ offer and highlight why an Individual Voluntary Arrangement has been chosen over bankruptcy.
To take the pressure off you, we’ll organise the necessary meetings and paperwork on your behalf. If the proposal is accepted, then our role turns into a supervisory one. We perform regular reviews throughout the year and produce an annual report where the distributions will be made to creditors.
We provide free Individual Voluntary Arrangement advice and no-obligation consultations.