How an IVA Works

1) Proposal submitted to court with a view to obtaining an Interim Order.

2) An Interim Order is issued by court stopping creditors from taking any action against you whilst a meeting of your creditors is called and held to decide whether the proposals are acceptable to them or not.

3) The following information will need to be gathered and presented as part of your IVA file:

• The Nominee’s comments on the debtor’s proposals
• The Proposals
• Notice of the date and location of the meeting of creditors to vote on your proposals
• A Statement of Affairs that lists your assets and liabilities and your income and expenditure
• A background statement that explains the circumstances that culminated in the IVA being
  required
• A schedule advising creditors of the requisite majority required to approve the IVA
• A complete list of creditors
• A guide to the fees charged by the Supervisor following approval of the IVA
• A form of proxy for voting purposes