Insolvency Service adjusts IVA payment rules

Insolvency Services urges insolvency practitioners to consider cost of living crisis in IVA procedures

The Insolvency Service is to overhaul the Individual Voluntary Arrangement (IVA) regime in the wake of the cost of living crisis.   Individual Voluntary Arrangements are legally binding court-approved agreements that people make to pay all or part of the debts they owe. An IVA is a statutory insolvency procedure managed by an insolvency practitioner…

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Increase in IVAs and personal insolvencies

Bankruptcies fall, but individual voluntary arrangement (IVA) and personal insolvency procedures increase in the first quarter of 2022

Personal insolvencies increased dramatically in the first quarter of 2022, according to the latest Government figures. Between January and March, the Insolvency Service reported 32,305 personal insolvencies, 14% more than during the first quarter of 2021. Clearly, the effects of the Covid-19 lockdowns are in full swing. Serious financial downfalls are to be expected as…

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