Individual Voluntary Arrangement (IVA) has been devised to avoid bankruptcy for individuals who wish to take another change to pay back the debt to his creditors. It is a formal repayment proposal that is presented to the creditors of the debtor. This formal repayment alternative is presented by the insolvency practitioner of the debtor.
This repayment proposal can be designed flexibly, constituting a desired ratio of income, capital and due payments of the creditors. One can choose a combination of all these as per convenience and agreement.

IVA is generally adopted by debtors who are left with no other options like debt management plans or debt consolidation schemes and have pilling debt and a list of creditors. This is an amazing opportunity for those who suffer business solvency to protect their assets like real estate, expensive cars and other priced possessions. IVA also brings along another chance for business owners to avoid bankruptcy and re-establish their businesses.

This entry was posted on Thursday, July 15th, 2010 at 7:25 am and is filed under Financial planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.