With an IVA, you present your creditors with an offer to pay your debts. This will be based on what you can afford. If you have an IVA, your debt payments can be made either through a one-time payment known as a lump sum IVA or a 60- or 72-month repayment plan. An IVA is based on what you can afford at any time, and this will be carefully weighed before the agreement is reached. It is obvious that if your situation changes for the better, it should benefit the creditors waiting to be paid. 12 If the voluntary agreement is approved, a supervisor is appointed and the examiner must agree to the handover with him as soon as possible. This is a list of all documents, correspondences, etc., that should be signed by the supervisor or his representative at the time of handing over. Save IVA details on LOIS (CA06) in the “Approved Voluntary Agreement” field. If a date is entered in this box, the details of the “supervisor” should also be included in the Agency. More information on the entry of the necessary information can be found in LOIS` “Annulments, Stays – Rescissions” available on the services OR intranet page. The cashier must also enter the case details of the “Spreadsheet IVA Cases” available on S Drive. If a bankruptcy administrator`s proposal for an IVA is approved, the official liquidator should ensure that a remission will take place as soon as possible after the creditors` meeting.
The official beneficiary should only hand over the assets included in the voluntary agreement and all assets that are not included should be held by the official beneficiary until the nullity decision is made. When a bankruptcy order is issued as a result of a bankruptcy error, the official judicial administrator should ask the supervisory authority concerning details of previous voluntary agreements. This information may contain details of certain assets that were not disclosed in the bankruptcy proceedings and, as a general rule, will assist the official liquidator in its investigations. If a meeting of creditors does not approve a proposal for a voluntary agreement by a trustee in bankruptcy, any injunction remains valid until the court discharges it. This is usually the case when the court receives the candidate`s record. If the official liquidator is required to proceed urgently before the interim measures are adopted, he or she may apply to the Tribunal for an investigation to obtain an order for the enforcement of the interim order and a stay of proceedings. If you have a personal or professional pension that you can benefit from during the proposed life of your IVA, your creditors may agree to exclude it as an asset. If they do not agree, the pension fund could be at risk. Check the terms of your IVA contract and contact us for advice. A register of individual voluntary agreements is maintained by the Insolvency Practitioners Unit (IPU) in Birmingham, and this information is available to the public via the Individual Insolvency Registry (IIR) on the www.insolvency.gov.uk insolvency service website. A person appointed as supervisor of a voluntary agreement should notify in writing his appointment to the Secretary of State (IUCN, Birmingham) for registration.
In accordance with the 2004 tax schedule, the Secretary of State (IVA1) will pay a $15 fee for registering an IVA. The register also contains details of any leave of absence from the Office by the supervisor, the revocation or suspension of the agreement and the notification of the conclusion of the agreement.