Supporting Businesses Nationally
Individual Voluntary Arrangement (IVA)
Are you facing financial pressures and debt
that you would like to discuss further?
For a free confidential discussion, call 020 3995 6380 | rescue@opusllp.com | offices nationally
How Opus can support business owners and directors
Our team can explain the options available to help return your business to profitability. We help business owners, directors and all stakeholders navigate their way through the uncertainty that distress brings.
What is an IVA?
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement is a legally enforceable deal with your creditors to pay all or a percentage of your debts over a period of time. You can agree to make regular monthly payments or a lump sum, or a combination of both. Third parties such as your family can contribute funds for the deal. The money goes to a licensed insolvency practitioner, who will divide it between your creditors.
You don’t have to include all of your debts in the IVA, which has to be approved by 75% in value of the creditors who vote on it. Once it has been approved, all creditors that you do include, must accept the terms, even if they voted against it. There are no rules about how large a percentage of your debts have to be paid, nor how long the IVA should last. Basically, an IVA is an extremely flexible way of dealing with debts that you cannot pay immediately and can be adapted to the circumstances for each individual.
Debt advice
The faster you get help, the more options will be available to find a workable solution to relieve your stress and restore your life back to normal as quickly as possible.
You can find information on all options for resolving debts in England and Wales from the Insolvency Service. For debtors in Scotland, assistance in finding debt solutions can be accessed here.
Debt counselling
services: Money Helper
Free and impartial debt counselling services are available from Money Helper.
Occasionally, where appropriate, we will refer clients to other agencies such as Citizens Advice Bureau or debt advisory charities. These other sources of advice may be paid by creditors, especially banks to help debtors deal with their financial difficulties. We do not receive any payment for these referrals.
Immediate assistance from regulated personal insolvency specialists
Our dedicated team is on hand to provide assistance to Directors of companies in financial difficulties. When a company is insolvent, a Director has a duty to minimise losses to stakeholders. Our senior management are available to talk to you about the problems you and your company face with complete confidentiality.
When will an IVA be an appropriate solution?
An IVA works most effectively when:
- You are suffering sustained pressure to pay bills you cannot meet
- You have a temporary cash flow issue, so you can pay your debts, but not straight away
- You can only pay a proportion of your debts
- A third party is prepared to help you pay some or all of your debts, but they want to be sure that their contribution will enable you to make a fresh start without problems if your creditors still cannot be paid in full
Resources and guides
Our latest articles to support decision making for business owners and directors. These provide an overview on what is going on in the market and information about the options available when a company is facing challenges.
Have questions?
For more information on business options, we offer an initial free consultation to review the situation and make recommendations on the best way forward.
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Opus is authorised and regulated by the Financial Conduct Authority. If you are looking for advice in relation to personal debt, click here to understand more about all options available, the pros and cons for each and fees relating to our services. If you have a complaint, click here for our procedure.