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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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261. Additional effect on undischarged bankrupt
(1) This section applies where—
(a) the creditors' meeting summoned under section 257 approves the proposed voluntary arrangement (with or without modifications), and
(b) the debtor is an undischarged bankrupt.
(2) Where this section applies the court shall annul the bankruptcy order on an application made—
(a) by the bankrupt, or
(b) where the bankrupt has not made an application within the prescribed period, by the official receiver.
(3) An application under subsection (2) may not be made—
(a) during the period specified in section 262(3)(a) during which the decision of the creditors' meeting can be challenged by application under section 262,
(b) while an application under that section is pending, or
(c) while an appeal in respect of an application under that section is pending or may be
brought.
(4) Where this section applies the court may give such directions about the conduct of the bankruptcy and the administration of the bankrupt's estate as it thinks appropriate for facilitating the implementation of the approved voluntary arrangement.