What does individual voluntary arrangement mean?
Definitions for individual voluntary arrangement
in·di·vid·ual vol·un·tary ar·range·ment
This dictionary definitions page includes all the possible meanings, example usage and translations of the word individual voluntary arrangement.
Wiktionary
individual voluntary arrangementnoun
A formal alternative to bankruptcy involving a flexible contract with creditors
Wikidata
Individual voluntary arrangement
In the UK, an individual voluntary arrangement is a formal alternative for individuals wishing to avoid bankruptcy. The IVA was established by and is governed by Part VIII of the Insolvency Act 1986 and constitutes a formal repayment proposal presented to a debtor's creditors via an insolvency practitioner. Usually, the IVA comprises only the claims of unsecured creditors, leaving the rights of secured creditors largely unchanged. Insolvency practitioners charge initial and ongoing fees that are in addition to the debt. An IVA is a contractual arrangement with creditors and can be as flexible as an individual's own circumstances; they can therefore be based on capital, income, third party payments or a combination of these. In this process, a debtor who has enough money left over after priority creditors and essential expenses, may be able to arrange an individual voluntary arrangement. The analogous procedure for businesses is the company voluntary arrangement.
Numerology
Chaldean Numerology
The numerical value of individual voluntary arrangement in Chaldean Numerology is: 5
Pythagorean Numerology
The numerical value of individual voluntary arrangement in Pythagorean Numerology is: 9
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"individual voluntary arrangement." Definitions.net. STANDS4 LLC, 2024. Web. 25 Apr. 2024. <https://www.definitions.net/definition/individual+voluntary+arrangement>.
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