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Proposal submitted to court to obtain an interim order* |
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Interim order issued by the court and a meeting is arranged with your creditors to decide whether the proposals are acceptable |
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An IVA file is created on your behalf to be presented at the creditor meeting. This will consist of the following information: |
- Nominee’s report on proposals
- Proposals
- Date and location of the meeting
- Statement of Affairs**
- Background statement (explains how situation arose)
- Statement of the majority agreement required for the IVA to go ahead
- Complete list of creditors
- Voting form
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Creditor meeting takes place |
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IVA begins – a licensed Insolvency practitioner will work on your behalf to deal with any problems that may occur at this time |
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You make a single payment each month that is distributed among your creditors. No further interest is incurred |
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