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.