individual-iva

Safeguard Your Assets, Avoid Bankruptcy And Take Control Of Your Debts

An individual who is struggling with their debts can propose an Individual Voluntary Arrangement (IVA) to their creditors, which is an arrangement with creditors for repayment of all or part of their debts over a period of time.

Whilst an IVA is a way of avoiding bankruptcy, it is also a way of paying back creditors and protecting key assets such as your home.

DCA Business Recovery will assist you with putting together a proposal and calling a meeting of your creditors at which your creditors will vote either for or against the proposals. We will work tirelessly corresponding with your creditors prior to the creditors meeting to negotiate the terms of your proposal with your creditors.

Depending on creditor pressure, either an Interim Order can be obtained or a standalone IVA can be proposed to your creditors. An Interim Order is effective protection from your creditors whilst proposing an IVA as any actions by creditors are stayed by the court, however the process will take longer if an Interim Order is to be obtained.

At the meeting of creditors the creditors will vote on the proposals and a majority of over 75% in value of those creditors voting at the meeting must support the IVA for it to be accepted and implemented.

The advantages of an IVA are:

  • The debtor can choose which assets are to be excluded and included in the IVA proposal;
  • Interest on debts will cease to be applied on approval of an IVA;
  • Individuals will avoid the stigma, restrictions and consequences of bankruptcy as well as remaining in control of their own estate;
  • In certain circumstances, debtors will write off a significant proportion of their debt;
  • Once the IVA is completed it will leave the individual free of the debts included in the IVA.

DCA Business Recovery can advise individuals as to whether an IVA is suitable for them, we can then assist in preparing viable proposal which is fair to all parties and, if accepted, act as supervisor of the IVA to ensure that it is implemented correctly.

Our advisors provide honest and practical advice to ensure that your financial problems are dealt with in an effective and un-stressful manner.

Please contact us to arrange a call back or a free no obligation meeting.