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In the UK, Individual Voluntary Arrangements (IVAs) are a formal alternative for individuals wishing to avoid bankruptcy. The IVA was established by the Insolvency Act 1986 and constitutes a formal repayment proposal presented to a debtors creditors via an Insolvency Practitioner.
Usually (but not necessarily) the IVA compromises only the claims of unsecured creditors, leaving the rights of secured creditors largely unchanged.
An IVA is a contractual arrangement with creditors and can be as flexible as an individuals own circumstances; they can therefore be based on capital, income, third party payments or a combination of these.
Creditors take a decision at a creditors meeting called to consider the IVA proposal.