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Individual Voluntary Arrangements (IVA's)
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- What is an IVA - Individual Voluntary Arrangement?
- How do I know an IVA is right for me?
- How does an IVA work?
- How is IVA Debt Advice Helpline different?
- How long does it take to set up an IVA and what is the process?
- How long does an IVA last?
- How much does an IVA cost?
- Will I ever have to go to court?
- Will my creditors still call me?
- What happens at the IVA creditors meeting?
- Can I clear all my debts with an IVA?
- Will I lose my home in an IVA?
- Will an IVA affect my business?
- What happens to my Credit Cards in an IVA?
- Will my IVA affect my bank account?
- What if my financial circumstances change during the IVA?
- What happens if I default on the terms of my IVA?
- Do I have to tell anyone I have an IVA?
- Can I share my IVA with my partner?
- How does an IVA affect my credit rating?
- I live with my parents – will the IVA result in them being blacklisted?
- Insolvency Act 1986 - Part VIII - IVA's
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260. Effect of approval
(1) This section has effect where the meeting summoned under section 257 approves the proposed voluntary arrangement (with or without modifications).
(2) The approved arrangement—
(a) takes effect as if made by the debtor at the meeting, and
(b) binds every person who in accordance with the rules—
(i) was entitled to vote at the meeting (whether or not he was present or represented at it), or
(ii) would have been so entitled if he had had notice of it, as if he were a party to the arrangement.
(2A) If—
(a) when the arrangement ceases to have effect any amount payable under the arrangement to a person bound by virtue of subsection (2)(b)(ii) has not been paid, and
(b) the arrangement did not come to an end prematurely, the debtor shall at that time become liable to pay to that person the amount payable under the arrangement.
(3) The Deeds of Arrangement Act 1914 does not apply to the approved voluntary arrangement.
(4) Any interim order in force in relation to the debtor immediately before the end of the period of 28 days beginning with the day on which the report with respect to the creditors' meeting was made to the court under section 259 ceases to have effect at the end of that period. This subsection applies except to such extent as the court may direct for the purposes of any application under section 262 below.
(5) Where proceedings on a bankruptcy petition have been stayed by an interim order which ceases to have effect under subsection (4), that petition is deemed, unless the court otherwise orders, to have been dismissed.