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What is an IVA ? (Individual Voluntary Arrangement)

As an alternative solution to bankruptcy, an IVA may be an effective solution to a person’s debt problem. An IVA is a legally binding agreement between the creditors and the individual to pay a set proportion of their debt over a period of three to five years. This could also be a beneficial solution for small businesses and sole traders who are experiencing short term cash flow difficulties, but their business is expected to remain profitable in the future.

If this is the chosen route, Walker & Ross will offer advice and guidance during the whole process of setting up an IVA

A Case History
Our client was a self employed IT Consultant, contracted to a large company. Our client was earning a considerable fee for his services, but for three years he ignored letters from HMRC demanding tax return declarations. Eventually we managed to obtain the relevant documentation relating to our client’s financial situation from his accountant, allowing us to negotiate an IVA agreement with HMRC enabling our client to make affordable payments over a five year period to clear the outstanding debts.


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