Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement or IVA is a recovery plan for individuals which ring-fences both personal liabilities and trading liabilities (if applicable) (typically in excess of £30,000 unsecured) into a legally binding Arrangement with creditors. This protects the you and offers a better return to your creditors than they would expect in Bankruptcy. The Arrangement is a written Proposal document which is put together from information supplied by you. Bottomley & Co assists you with putting the Proposal together. The Insolvency Practitioner at Bottomley & Co acts as the Nominee negotiating with your creditors. The IVA liabilities are frozen (including interest), and satisfied either in part or in full over what can be 5 years. Once appointed the Insolvency Practitioner at Bottomley & Co acts as a Supervisor to oversee the IVA . The day to day control of the your affairs remains in your hands.