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| Advantage 1 of IVAs |
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An
IVA provides protection to an insolvent Debtor
All the
unsecured creditors who are party to an Individual Voluntary
Arrangement (IVA) are bound by the terms and conditions of the
insolvency contract. Since the views of only the voting creditors are
followed, an unhappy creditor cannot take any legal action or other
enforcement to recover a debt but can submit a claim to the IVA
supervisor and get the dues as per the conditions specified in the IVA
contract.
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| Advantage 2 Of IVAs |
An
IVA is less expensive to undertake
Another
advantage of an IVA is that it is significantly less expensive in
comparison to a bankruptcy because the Insolvency Practitioner is not
required to deposit funds in the Insolvency Services Account as in the
case of bankruptcy proceedings against the insolvent debtor. In case of
a bankruptcy, the funds deposited in the Insolvency Services Account
attract levies and an ad valorem charge of 17% on all deposits made
after the initial £2,000.
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If we compare a Bankruptcy and
an Individual Voluntary Arrangement, most of the people are quite
familiar with
the bankruptcy proceedings but very few are aware of the alternate
mechanism
that is an Individual Voluntary Arrangement. While going for an
Individual
Voluntary Arrangement, most of the people are quite apprehensive due to
a lack
of knowledge about the process. Some of the most common IVA questions
are:
- What
is an Individual Voluntary Arrangement (IVA)?
- How
does an Individual Voluntary Arrangement (IVA) work?
- Who
is eligible for an Individual Voluntary Arrangement (IVA)?
- Who
can benefit from an Individual Voluntary Arrangement (IVA)?
- What
is the procedure of opting for an Individual Voluntary Arrangement
(IVA)?
- How
is an Individual Voluntary Arrangement different from a Bankruptcy?
- What
is an Individual Voluntary Agreement?
- Who
are the different parties involved in an Individual Voluntary Agreement?
- What
are the various advantages of an Individual Voluntary Arrangement (IVA)?
- What
are the various disadvantages of going for an Individual Voluntary
Arrangement (IVA)?
- What
makes an Individual Voluntary Arrangement so popular compared to the
standard bankruptcy proceedings in case of insolvency?
- How
does an Individual Voluntary Arrangement handle insolvency?
- What
are the critical components of an Individual Voluntary Arrangement
(IVA)?
- What
is the common duration of an Individual Voluntary Arrangement (IVA)?
- How
is an Individual Voluntary Arrangement (IVA) process initiated?
- What
are the essential prerequisites to go for an Individual Voluntary
Arrangement (IVA)?
- How
does an Individual Voluntary Arrangement (IVA) affect the credit rating?
- What
are the costs involved in going for an Individual Voluntary Arrangement
(IVA)?
- What
makes an Individual Voluntary Arrangement (IVA) so effective?
A debtor might have
any of the above IVA questions
in his mind while going for an IVA. An IVA provider should try to
address these
queries to the full satisfaction of a potential client to remove any
doubts about
the process. An informed customer always proves to be a good customer
in the
long-term. Having a clear idea of the Individual Voluntary Arrangement
(IVA) is
not only good for the debtor but is also desirable for the IVA provider.
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| Advantage 3 of IVA |
No
Stigma attached with an IVA
An Individual Voluntary Arrangement (IVA) is a personal agreement
between a debtor and the creditors. A Bankruptcy, on the other hand, is
publicly advertised in a local newspaper and the London Gazette. In
this way, an IVA does not carry the stigma associated with a bankruptcy. |
| Advantage 4 of IVA |
No
dearth of future credit
Unlike a Bankruptcy, the advantage of an IVA is that it does not
compulsorily restrict a debtor from obtaining any future credit. A
bankruptcy debars an individual form having access to credit for a
specified period of time. This provision makes the bankruptcy
proceeding all the more painful because the credit history of the
debtor is blemished forever. However, there are no such issues in case
of an Individual Voluntary Arrangement. A debtor can get credit without
any restrictions even after signing an IVA |
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