We understand that personal financial failure can be a traumatic and often life changing experience
Individual Voluntary Arrangement (“IVA”)
IVA or Individual Voluntary Arrangement is a process that is used by individuals who are in control of a business that is not incorporated (not a limited company) and has financial issues and/or by individuals that have given guarantees and/or have loans and/or credit card debts and are unable to discharge these debts or are finding it increasingly difficult to pay.
IVA’s are very flexible enabling you to be in control of the repayment proposal put to creditors; It is a process that allows individuals to reach a full and final settlement with their creditors. An IVA must provide a “better” return to creditors than what they would receive via an alternative process such as Bankruptcy.
A typical repayment proposal via an IVA would be from, any combination of, contributions from a third a party, the sale of an asset and/or contributions from income spread over a number of years.
The Quantuma team have significant experience in giving guidance to individuals as to whether an IVA is appropriate in their own circumstances and if it is, how the IVA can be structured. As a matter of course we would always make contact with creditors on your behalf so that any alternative process is put on hold and to inform creditors that a repayment proposal is being prepared. As you would expect we would continue to assist you generally throughout the process and prepare all documentation required in relation to the process.