The flow chart below illustrates the IVA process once you have qualified to be put on the programme
Proposal submitted to court to obtain an interim order*
Interim order issued by the court and a meeting is arranged with your creditors to decide whether the proposals are acceptable
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
Creditor meeting takes place
IVA begins – a licensed Insolvency practitioner will work on your behalf to deal with any problems that may occur at this time
You make a single payment each month that is distributed among your creditors. No further interest is incurred
*Interim order – this is issued by the court to prevent the creditors taking any further action against you once you have applied and qualified for an IVA. This remains in effect for 14 days, in which time your IVA proposal will be presented to court.
**Statement of Affairs – this lists all of your assets, liabilities and income and expenditure
