This is a less onerous solution for insolvent individuals. An IVA is an agreement between an individual and their creditors. This agreement can be very flexible and may include delayed or reduced payments of debt, or an orderly disposal of assets.
Once agreed, this agreement is binding on all creditors and requires limited or no court involvement. It is also possible to obtain a moratorium to protect the individual from creditors taking legal action or continuing any existing action(s).
For further advice and assistance regarding any aspect of the above insolvency procedure, please contact BRI. We will discuss, free of charge, any further implications and alternatives with you. |
