An Individual Voluntary Arrangement (an IVA) is a formal agreement with your creditors to repay all or a proportion of your debts through a structured payment plan over a fixed period.
An IVA can be used as a mechanism to avoid bankruptcy in the first place.
If you have already been made bankrupt it may not be too late to propose an IVA.
You can still propose an IVA to your creditors up to one year after being made bankrupt, but you must act quickly.
If creditors accept your proposal then you can proceed to apply to the court to annul your Bankruptcy Order.
The Legal 500 2021: Insolvency & Corporate RecoveryActons' Nottingham practice is frequently appointed in insolvency cases to represent joint trustees, administrators or liquidators. In addition, the team handles non-contentious insolvency and restructuring work and bankruptcy annulments. Licensed insolvency practitioners Nicky Calthrop-Owen and Annabel Whittaker both have a wealth of experience in corporate and personal insolvency mandates.