- individual voluntary arrangement
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A formal alternative to bankruptcy involving a flexible contract with creditors
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individual voluntary arrangement
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individual voluntary arrangement — See individual voluntary arrangement (IVA). An arrangement that allows a settlement between the insolvent individual and its creditors on agreed terms and, as a result, avoids the bankruptcy of the individual. A nominee supervises an IVA. The… … Law dictionary
Individual Voluntary Arrangement — In the UK, Individual Voluntary Arrangements (IVAs) are a formal alternative for individuals wishing to avoid bankruptcy. The IVA was established by the Insolvency Act 1986 and constitutes a formal repayment proposal presented to a debtor s… … Wikipedia
Simplified Individual Voluntary Arrangement — In the United Kingdom, a Simplified IVA (SIVA) is a proposed new form of IVA (Individual Voluntary Arrangement), which will be a formal alternative of clearing debt without being declared bankrupt. The new regime is likely to have two tiers:… … Wikipedia
Fast Track Voluntary Arrangement — A Fast Track Voluntary Arrangement (FTVA), in the United Kingdom, is a binding agreement with a debtors creditors to pay all or part of the money owed to them. A debtor can only enter into it after they have been made bankrupt. In an FTVA the… … Wikipedia
deed of arrangement — A formal arrangement made by an individual (not a company) with his creditors in place of bankruptcy. This arrangement has largely been replaced by individual voluntary arrangements. Practical Law Dictionary. Glossary of UK, US and international… … Law dictionary
scheme of arrangement — /ˌski:m əv ə reɪndʒmənt/ noun a scheme drawn up by an individual or company to offer ways of paying debts, so as to avoid bankruptcy proceedings. Also called voluntary arrangement … Dictionary of banking and finance
Debtor — A debtor is an entity that owes a debt to someone else. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterparts of this debt arrangement is a bank, the… … Wikipedia
Administration (law) — As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – an… … Wikipedia
Trading while insolvent — is unlawful in a number of legal systems, and may result in the directors becoming personally liable for a company s assets. Under UK insolvency law trading once a company is legally insolvent can trigger several provisions of the Insolvency Act… … Wikipedia
Bankruptcy alternatives — Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. In most cases personal bankruptcy is initiated by the bankrupt individual. Bankruptcy is a legal process that discharges… … Wikipedia
