IVA (Individual Voluntary Arrangement)

Applies to individuals, sole traders and partners.

It normally lasts 5 years so that you can re-pay your reduced debts over a max of 5 years, and an Insolvency Practitioner will be appointed to calculate how much you can afford each month. You need 75% of your creditors to agree to any proposals and once accepted payments can be made and no creditor can take further action unless you break the agreement.

This is an alternative to Bankruptcy.