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Individual Voluntary Arrangement (IVA)
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This is a voluntary arrangement for an individual, and is a procedure whereby the person comes to a formal arrangement with their creditors in how their debt will be discharged.
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Insolvency
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Not having enough funds to meet all debts, or being unable to pay debts as and when they fall due.
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Insolvency Practitioner (IP)
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This is a LEGALLY RECOGNISED AND AUTHORISED FINANCIAL EXPERT; they are usually specialist Chartered Accountants or Lawyers. It is recognised in Law, that only an authorised Insolvency Practitioner can arrange for you to go through an Insolvency procedure.
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Interim Order
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An individual who intends to propose a voluntary arrangement such as an IVA to his creditors may apply to the court for an interim order which, if granted, halts bankruptcy and other legal proceedings
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IVA Nominee
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The person chosen by an individual to report on the debtors proposals for an IVA. This will usually be an Insolvency Practitioner.
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