Jurisdiction(s):
United Kingdom

Related legal acts

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,...

Precedent: Individual IVA proposal (England and Wales) – structure, disclosures, contributions, asset realisations, creditor distributions, fees and standard conditions

Published by a LexisNexis Restructuring & Insolvency expert

Precedents

Introduction

I, [ insert Debtor's name ], invite my creditors to consider an Individual Voluntary Arrangement (IVA). From the attached estimated statement of affairs, it is apparent I am insolvent: I cannot pay my Debts as they fall due, and my liabilities outweigh my assets. I face two options—either petition for my own bankruptcy or propose an IVA to my creditors. I first reviewed my position with my Nominee, [ insert nominee's name ], on [ insert date of meeting ], who advised that I obtain independent insolvency advice. My Nominee has explained all available debt resolution processes; having reflected on that advice, I believe an IVA would benefit both my creditors and me. I outline below why an IVA would be advantageous:

The total funds achievable through the IVA are higher than those likely in my bankruptcy.
The costs of administering the IVA are lower than those that would arise in my bankruptcy...

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Web page updated on 22/05/2026

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