INS10211 - Steps a debtor takes

IVA proposals

A debtor may put proposals to their creditors for a

• Composition in satisfaction of their debts (This text has been withheld because of exemptions in the Freedom of Information Act 2000)or
• Scheme of arrangement of their affairs.

The proposal must provide for a licensed Insolvency Practitioner to act in relation to the voluntary arrangement as supervisor for the purpose of supervising its implementation.

The proposals are a document (S256 (1) IA 1986)

• Setting out the terms of the proposed VA
• Containing a statement of affairs with details of creditors, debts and other liabilities and of assets.