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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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262B. Prosecution of delinquent debtors
(1) This section applies where a voluntary arrangement approved by a creditors' meeting summoned under section 257 has taken effect.
(2) If it appears to the nominee or supervisor that the debtor has been guilty of any offence in connection with the arrangement for which he is criminally liable, he shall forthwith—
(a) report the matter to the Secretary of State, and
(b) provide the Secretary of State with such information and give the Secretary of State such access to and facilities for inspecting and taking copies of documents (being information or documents in his possession or under his control and relating to the matter in question) as the Secretary of State requires.
(3) Where a prosecuting authority institutes criminal proceedings following any report under subsection (2), the nominee or, as the case may be, supervisor shall give the authority all assistance in connection with the prosecution which he is reasonably able to give. For this purpose, “prosecuting authority” means the Director of Public Prosecutions or the Secretary of State.
(4) The court may, on the application of the prosecuting authority, direct a nominee or supervisor to comply with subsection (3) if he has failed to do so.