"Can't speak highly enough of TBA. They were recommended to us when we were at an all-time low with our financial problems. They were incredibly supportive and helpful in both guiding us through the individual voluntary arrangement application and the management of our ensuring agreement; to a conclusion. One of the things I particularly valued was that they treated us as responsible adults throughout the process. Self-esteem takes a blow when in debt many creditors are not friendly or helpful. So this kind of respect was highly valued." MR F - IVA Client
What is an Individual Voluntary Arrangement (IVA)?
An individual voluntary arrangement (IVA) is a process that is normally undertaken to avoid bankruptcy and allow a better return for the creditors than in bankruptcy. An individual who is insolvent, or unable to pay their debts as they fall due, may put forward a proposal to their creditors for an IVA. It is common that a proposal for an IVA will include the following provisions:
The benefits of entering into an IVA may include:
In order to put forward a proposal for an IVA the individual should appoint a nominee, which would be a qualified insolvency practitioner, who will review the financial circumstances and provide a proposal to the individual’s creditors. The proposal will include a recommendation as to whether or not creditors should accept the proposal for an IVA. We at Turpin Barker Armstrong can act as nominee for you.
An IVA proposal will be considered by creditors at a meeting and for the proposal to be accepted 75% of creditors who cast their votes at the meeting must vote in favour of the proposal. If the proposal is approved it becomes binding on all creditors.
If you are seeking advice regarding the possibility of putting forward a proposal for an IVA, please contact office on 0208 661 7878 and our experienced staff will be able to assist you.