An individual can enter into an IVA with his/her creditors by agreeing to repay debts over a specified period of time (usually a number of years).
The IVA has to be approved by the creditors
All interest and charges on the debt will be frozen
A licensed Insolvency Practitioner will supervise, administer and review the IVA until it is concluded
The main benefits of an IVA, compared to a Bankruptcy Order, is that the prohibitions attached to a Bankruptcy Order will not apply, allowing the individual to:
Retain his/her current employment
Retain the matrimonial home and any other assets
Continue acting as a company director or be involved in the management of a company