Here at Neville & Co we assist with an Individual Voluntary Arrangement in Plymouth or anywhere else in the South West.
Broadly speaking an Individual Voluntary Arrangement (“IVA”) is a contract between the individual debtor and their creditors.
It usually involves a freezing of interest and partially writing off debts with an agreed payment plan over one to five years
This insolvency procedure tends to be proposed as an alternative to bankruptcy.
Successful Individual Voluntary Arrangements usually have a better outcome for the debtor and the creditors than a bankruptcy because the debtor may be able to keep certain assets and creditors usually get a higher dividend as the costs of a bankruptcy are usually higher than those of an IVA.
At our initial free meeting we can provide advice as to whether an Individual Voluntary Arrangement in Plymouth is the best option for you in the circumstances or whether an alternative should be considered. We can explain the pros and cons of all of your options available to help you make the right decision.
Neville & Co help you produce the necessary proposals to be presented to creditors at a meeting.
Creditors can then accept, reject or even propose modifications to the proposals.
If the proposals are accepted by the creditors then both the debtor and creditors are bound by it. Neville & Co then becomes the Supervisor of the arrangement. We will also deal with any assets and making any dividend payments to creditors.
The sooner we are consulted by a business facing financial difficulties, the more options we are able to offer.