Self-Employed and Partnership IVA (Individual Voluntary Arrangement)
An IVA is a business rescue tool that allows people who are self-employed and partnerships to negotiate realistic payment terms with their creditors. When it comes to larger businesses, this process is called a Company Voluntary Arrangement (CVA).
Self-employed or limited company, we approach business rescue in the same way. By listening to your issues, understanding what you want to achieve with your business, and then creating a plan to get you there.
What’s an IVA for Self-Employed and Partnerships?
An IVA involves a licensed insolvency practitioner stepping in to create a contract between you and your creditors that agrees new terms for repaying your outstanding debts. By using an IVA you’ll be able to keep your assets and avoid the stress and consequences of bankruptcy.
We’ll take the time to analyse your finances and get a better understanding of what’s working and what’s not. In this way, we can help you regain financial control and decide on repayment terms that work for you and your creditors. A proposal is then sent to your creditors that includes a ‘pence in the £’ offer. This proposal will also highlight the benefits of an IVA over bankruptcy.
So that the process remains calm and smooth, we’ll handle all the administration in the IVA for you. If your creditors accept the proposal, it’s our role to supervise your situation and perform regular reviews throughout the year. Once a year we’ll produce an annual report where the distributions will be made to your creditors.
As well as rearranging your debts, an IVA gives you valuable time to create a roadmap for the future. One of our licensed insolvency practitioners will work with you to discover where positive change can happen in your business. The result is a realistic plan to overcome your current challenges and prepare you for whatever comes next.
Speak to one of our business rescue experts to find out if an IVA could be the right solution for you or your business.