Individual Voluntary Agreement is a phrase that is often used, but in fact the official term is Individual Voluntary Arrangement (IVA).
An IVA is an arrangement to repay creditors over a set timeframe, usually as long as five years. The amount to be repaid is fixed and is usually less than the full amount owed. An IVA allows the business to continue trading while repaying its debts.
This is a positive business recovery tool and can be considered if the business is still showing strong trading results and has good plans for the future.
If you think this could be an option for your business you can complete our simple online assessment. This will indicate whether an IVA is the preferred option and you will also receive a quote from our experts on how much this will cost. You can then start the business IVA process online today.