The Advantages of an IVA | IVA FAQ | Individual Voluntary Arrangement

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Advantages of an IVA

Individual, Sole Trader or Partner

An IVA enables a Sole Trader, or Partner, to continue to trade and generate income towards repayment to creditors which would otherwise have a call upon the personal assets of the individual.
In an IVA there are restrictions as regards to personal credit, as this must all be approved by the Supervisor. This enables spending on credit to be brought under control.
The IVA proposals are drawn up by the Debtor and are entirely flexible to accommodate personal circumstances. It enables staggered or staged payments which may rise and fall if for instance income from earnings falls due to the arrival of a baby which necessitates a break from work.
The Debtor does not suffer the restrictions imposed by bankruptcy, such as not being able to act as a director of a limited company etc.

Creditors

The costs of administering an IVA are considerably lower than in bankruptcy, enabling a higher return to creditors.
IVA's operate as an insolvency procedure and creditors can as a consequence of this, still reclaim tax and VAT relief as a bad debt.

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