Individual Voluntary Arrangement
We can assist individuals based anywhere within the South West with an Individual Voluntary.
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.
What’s the procedure?
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.
When to consult us
The sooner we are consulted the sooner we can assist you in finding a way through the business difficulties you are facing. The later it is left, the fewer the options will be. The best time to consult is as soon as you become a distressed company and any financial difficulties become apparent. You don't want to be building up company debt, unpaid invoices and outstanding creditors through wrongful trading and end up an insolvent company in a difficult financial position facing legal action.
If you are a struggling company or have been affected by Covid 19, contact us now for confidential advice. We are a local business supporting local businesses covering all of Devon, Cornwall and Somerset.