Jurisdiction(s):
United Kingdom

Key definition

Individual Voluntary Arrangement definition

What does Individual Voluntary Arrangement mean? An Individual Voluntary Arrangement is a formal insolvency procedure for individuals in England and Wales and Northern Ireland that allows an insolvent debtor to agree a binding compromise of unsecured debts with creditors, supervised by a licensed insolvency practitioner (IP). Established by statute (Insolvency Act 1986, Part VIII and Insolvency Rules 2016; Insolvency (Northern Ireland) Order 1989), an IVA is proposed by the debtor through an IP (as nominee) and, if approved by the required statutory majority in value of creditors voting (commonly 75%), binds all creditors entitled to vote. Funding is typically by monthly contributions and/or asset realisations,...

IVAs under IA 1986 and IR 2016: proposals, creditor decision-making, approval, challenges and supervision (England and Wales)

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

The debtor’s proposal for an IVA

The route into an IVA commences with the debtor’s proposal, ordinarily shaped in collaboration with a licensed Insolvency practitioner (IP). At this juncture, the IP acts as the nominee. Should creditors accept the proposal, the nominee will typically take up the role of supervisor of the IVA. For broader background, see Practice Note: Individual voluntary arrangements (IVAs). The nominee must adhere to Statement of Insolvency Practice 3.1, updated for nominees appointed on or after 1 March 2023—see News Analysis: LNB News 01/03/2023 13.

Any debtor may advance an IVA proposal, including an individual who remains an undischarged bankrupt. The nominee will commonly meet the debtor, who will supply information on assets and liabilities, supported by documentation. Although the debtor puts forward the terms, the written proposal is, in practice, drafted by the nominee. The proposal will include a concise rationale for why an IVA is appropriate and why creditors are likely to agree...

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David Nicholls

Landmark Chambers

Web page updated on 21/05/2026

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