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Individual Voluntary Arrangement

At Parker Andrews, we specialise in assisting individuals with Individual Voluntary Arrangements (IVAs), a legally binding agreement between you and your creditors to satisfy your debts. An IVA can be a viable alternative to Bankruptcy, allowing more flexibility and control over your assets and business.

Understanding IVAs

An IVA is designed to help those with significant debt manage their repayments in a structured way. It often involves monthly contributions and/or asset realisations, and it allows sole traders or limited company directors to continue trading.

Benefits of an IVA with Parker Andrews

When is an IVA Appropriate?

If facing short-term cash flow or solvency issues but have a regular income for contributions.
To continue as a director, which Bankruptcy restricts.
If you have debts you can’t pay immediately but possess assets that could be realised for creditor benefit.
When informal negotiations with creditors are unsuccessful.

Step by Step IVA Process

  • Step 01
  • Step 02
  • Step 03
  • Step 04
  • Step 05
  • Step 06
  • Step 07
Initial Discussion

Contact us for a free, no-obligation talk about your financial situation.

Face-to-Face Meeting

Meet with one of our Licensed Insolvency Practitioners to discuss your case in depth, including potential contributions and impacts on your assets/business.

Drafting the Proposal

We’ll work with you to prepare a proposal that’s both realistic and acceptable to your creditors.

Consultation with Creditors

Before the creditors’ meeting, we consult your major creditors to gauge their opinion on the proposal, aiming for the highest chance of success.

Creditors’ Meeting

A meeting is convened for creditors to vote on the proposal. It requires 75% approval (by debt value) to pass.


Upon approval, the IVA terms are implemented. You must maintain regular payments as agreed.

Completion of IVA

Compliance with all terms results in the IVA’s completion and discharge from the included debts.


How does an IVA affect my assets and business?

An IVA can allow you to retain control over your assets and continue operating your business, unlike Bankruptcy.

What are the risks of an IVA?

Failure to comply with the IVA terms can lead to Bankruptcy. It’s crucial to ensure that the agreed terms are manageable.

Considering an Individual Voluntary Arrangement to manage your debts?

Contact Parker Andrews for expert advice and support in setting up an IVA that works for you. Get in touch with us to discuss your situation in a confidential, no-obligation meeting.

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Expert Insolvency Services

Our award-winning team is dedicated to guiding you through every step of the insolvency process. We believe in transparency, honesty, and empathy, ensuring that our clients feel supported and informed at every turn.

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