IVA FAQ's

Can I propose an IVA if a bankruptcy order has been made against me

If a Bankruptcy Petition has been presented, but a Bankruptcy Order has not yet been made then we can apply for a court order (known as an Interim Order) on your behalf to suspend the proceedings to allow time for preparing your proposal. Even if a bankruptcy order has already been made, it is still possible for you to propose an IVA. If the creditors accept the proposal the petition will be deemed to be dismissed, or if a Bankruptcy Order has already been made, application can be made to annul it. Where Bankruptcy Proceedings are replaced by an IVA, costs are bound to increase because the Bankruptcy Expenses will almost inevitably become expenses of the IVA, and the process of proposing the IVA is more complex and long-winded.

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