The Information that must be Contained in an Individual Voluntary Arrangement (IVA) proposal
The law as to the prescribed content of an Individual Voluntary Arrangement (IVA) Proposal
The law does not prescribe what "offer" should be made in an IVA.proposal.
The Insolvency Act 1986 and the The Insolvency Rules 1986 however provide that an Individual Voluntary Arrangement (IVA) must contain the following information:
- Details of the assets to be included and excluded
- Details of liabilities
- How each category of creditor is to be dealt with and dates for distributions
- Proposed duration
- If a sole trader how the business is to be conducted during the arrangement
- How distributions and collections will be dealt with
- Amount of Nominees fees
- Supervisors functions
- Details of the Supervisor
- Comparison between an IVA and bankruptcy
- Much other information. If you need to read the full requirement please be in touch and we will forward to you a copy of the relevant Insolvency Rule.
The IVA must also explain why the creditors will be better off by accepting the IVA proposed, rather than electing for bankruptcy.
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