Overview
Alternate dispute resolution
Business Licence Legal Services
Defamation
Banking & Finance
Bankruptcy
Company & Commercial
Banking Disputes
Breach of director^s fiduciary duties
Contractual disputes
Corporate breach of warranty claims
Debt recovery
Director and Shareholder disputes
Intellectual property disputes
Loan agreement disputes
Misappropriating company funds
Partnership disputes
Professional Negligence
Sale of goods/supply of services disputes
Contentious Probate
Contract
Debt Recovery & Enforcement
Asset tracing
Attachment on earnings
Bailiffs and High Court Enforcement Officers
Bankruptcy petitions
Charging orders
Enforcement (international and domestic enforcement)
Freezing injunctions
High Court Writs
Insolvency proceedings
Loan disputes
Partnership disputes
Recovery of claims
Statutory demands
Third party debt orders
Winding up petitions
Fees
Fraud
International
Professional Negligence
Property litigation
IVAs (Individual Voluntary Arrangement) are a debt solution available to those with personal debt, as well as sole practitioners needing debt management solutions.
An IVA is an agreement with creditors to enable debts to be paid at a manageable level. An IVA is an option available in cases where there are:
IVAs are legally binding and a licensed insolvency practitioner will oversee the legal process and make sure the payments agreed are made.
Failing to pay the agreed amounts under the IVA means it could be cancelled and the insolvency practitioner can make bankrupt an individual who does not keep up IVA repayments.
An IVA is also recorded on the Individual Insolvency Register, but the record will be removed three months after the IVA ends.
One advantage of an IVA is that bankruptcy or insolvency proceedings can be avoided if the agreed repayment is made every month – and it is still possible for sole practitioners to carry on trading.
There are costs attached to setting up an IVA – including a set up fee and a handling fee each time a payment is made.
Duncan Lewis debt management solicitors can advise on setting up an IVA and other debt solutions to avoid insolvency proceedings or bankruptcy.
For expert legal advice on IVAs and debt solutions, call Duncan Lewis Debt Management Solicitors on 0333 772 0409.