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Personal Insolvency
INDIVIDUAL VOLUNTARY ARRANGEMENT
If your circumstances are right an Individual
Voluntary Arrangements enables you to avoid the stigma and cost
of bankruptcy by legally binding your creditors with their agreement
to receive payment in part or, in some cases, in full, over
a period of time which is usually three to five years.
This is a real alternative and can provide an effective solution.
Whether you wish to retain your family home or rescue a viable
business, an Individual Voluntary Arrangement could help you
to turnaround your finances.
Should we determine an IVA is appropriate for you we will guide
you through the procedure and assist in the formation and drafting
of proposals which are to be presented to your creditors. Where
appropriate we will consult with other interested parties including
government departments, lenders and major creditors to seek
their views and requirements for a successful solution.
An IVA is an extremely powerful tool enabling you to clear your
debts and return to financial stability.
For a FREE NO OBLIGATION discussion
please complete the following form and Mark Botwood will contact
you.
QUESTIONS
Do all my creditors have to
agree?
Every creditor receiving notice of the creditors meeting is
entitled to vote at that meeting. This is particularly important
as only those creditors notified and entitled to vote at the
meeting are bound by the arrangement. This does not mean however
all creditors notified and entitled to vote must vote in favour
of the arrangement. Acceptance of the proposal or modifications
of the proposal require in excess of a 75% majority in value
of the creditors present in person or by proxy and voting on
the resolution.
Why should a creditor accept
the proposals?
Proposing an arrangement will, if accepted, enable the individual
to avoid the stigma and consequences of bankruptcy. Creditors
are advised to consider arrangements very carefully. If the
arrangement clearly provides a greater return than available
in bankruptcy and if it appears reasonable and likely to succeed
then you should consider voting in favour. If the proposal looks
ill conceived with very little chance of success then it should
be opposed.
How are my creditors paid?
The supervisor of the arrangement will distribute funds to creditors
in accordance to the terms of the proposal document agreed by
the creditors.
Please select an area you are interested
in from the list below.
To find out more, please explore
the links. |
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