What is an IVA?
There is no alternative to bankruptcy as an "individual voluntary arrangement (IVA). This is a formal agreement for the district judge to pay an agreed amount of your debts for a shorter period. This usually means paying a high monthly rate of over 3 to 5 years. The rest is canceled debt. IVAS Some are established on the basis of a lump on the offers no monthly payments to creditors. IVAS Some are a mixture ofboth.
If a right of VAT for me?
An IVA is not suitable for everyone. Usually it is only worth watching if you save lots of money every month to pay creditors and / or a lump sum or an asset that can be taken to have.
What is the procedure for VAT?
An IVA must be set up by an insolvency practitioner (IP). The bankruptcy trustee is usually an accountant or lawyer, court approval to set the comparison. Once an IP has agreed to make a proposal VATYou can use them for the county court of an order "interim".
This will prevent them from creditors in bankruptcy against you. Keeps all other enforcement action without the authorization of the court during the interim order remains in force.
From 01.01.03 you can put real tax proposal without the establishment of an interim measure before. This can reduce costs, but it means that your creditors can still bring proceedings against you until the IVA is agreed.
YouRequest a VAT having failed. Find the section "Fast Track Ivas." There are no rules on debt than you have before you are asking for a VAT.
The IP sends the IVA proposal to creditors and arranges a formal meeting as a "meeting of creditors" so that notice to creditors of at least 14 days'. Check with your IP and make sure that all creditors have been contacted. If the creditors do not have a meeting notice not to comply with the conditionsVAT and can continue for their separate debts.
During the meeting the creditors vote on accepting the VAT. Creditors often not his voice and the IP and actually at the meeting. If 75% of the creditors "by value" who actually decide to vote for the VAT, then bound to the rest of VAT, but did not vote against him or do the voice. "With the value of the creditor to which you have, not the value of 75% of the debt that the number of creditors you have.
So, if creditorsYou owe me through which the highest amount in respect of the proposal then the IVA. Sometimes creditors will haggle over the terms of VAT and ask you to agree to pay more each month or have assets that do not want to lose. You may request payments for a longer period to do.
Once the IVA is agreed, your IP will be monitoring the process and ensure that payments. If a creditor has agreed to come to light after the IVA, you can say that is the sumhave received as if they were included in the VAT, at the outset.
If no VAT is then returned to the same position as you said before the interim order and must be negotiated separately with the creditors. You must wait 12 months before they can apply for another protective measures.
How do I find a receiver?
Your local district court may be able to provide a list of receivers.
You can also visit the local officialList of Bureau of the receiver. If not your local Official
The Insolvency Service Office Contact Receiver Central Line, on request, 020 7291 6895 th
Check out the Yellow Pages or telephone directory.
WARNING: companies, which may be in connection with an IP, whether to pay a fee to be careful. These are known as "runner-up ambulance known. You can get an IP address directly without passing through another company.
A list of IP can also be requested:
TheAssociation of Business Recovery Professionals
Halton House 4th Floor
20-23 Holborn
London
EC1N 2JD
020 7831 6563
http://www.r3.org.uk
The insolvency Association
52-54 Gracechurch Street
London
EC3V 0EH
020 7623 5108
http://www.insolvency-practitioners.org.uk
The liquidator Policy Section
Insolvency Service
PO Box 203
5th Floor
21 BloomsburyStreet
London
WC1B 3QW
020 7637 1110
http://www.insolvency. gov. uk
This is a publication of the insolvency service called "The list of authorized receivers. This is preserved in the libraries of local reference. It lists IPs by region and regulate them. If they are not licensed, then you should not use their services.
We can also further details on certain sources, but not in a position to actually recommend to all listed companies.
Taxes
AllIP fees are required for the establishment and guarantees monitor VAT. It 'very important to shop around in order to obtain the best terms. Typical fees are over £ 4000, and sometimes much higher. Many IPs have a first meeting free, whether VAT is considered appropriate in your situation. Some IP will only accept the payment of their rights before. Other IP, you can pay taxes as part of the monthly payments for the duration of the IVA a.
What happens if I can not payVAT, if the funds allocated?
May not be able to keep the monthly payments under the tax a. This may be due to circumstances have changed or because the payments were set unrealistically high, in the first place.
It 'very important that the IP surveillance speak your taxes.
The IP can ask creditors to accept a lower amount. You may be charged a fee charged to do so. If you can not accept a new or modified "IVA then the IP can solve theVAT old, if not possible payments agreed. E 'can then be applied to IP-enabled bankruptcy.
If the IP decides that it is not worth that then the creditor may be used against her. They must try to negotiate payment arrangements individually with each of your creditors in order to stop this.
What are the advantages of an IVA?
You can also run a small business would be difficult to continue if you were in bankruptcy.
Youa profession where you might lose your job if you go bankrupt such as accountancy / police /
Strength.
You must have access to a large lump sum and accept a formal agreement with the creditor a lump sum and write the rest of the debt.
You may need to make a very high income available on monthly payments.
Do not automatically lose your house or other property which may be kept out of VAT, in accordance with the IP address and your creditors, even ifLenders usually want the majority of the shares in your home. Finding the "disadvantages of an IVA.
You do not have the same restrictions on you, as you would if you failed, so you can have your bank account without having to say you're using an IVA.
What are the disadvantages of an IVA?
If you do not then the terms of VAT, the IP address or your creditors, you may fail.
If the creditors do not accept the proposal from VAT returns to the starting point.Can no longer VAT
Proposal for 12 months.
If you pay a fee in advance for your VAT and is not accepted, will have lost the fee and in a worse position than when you started.
If you have your own house IP and creditors may be familiar with your house as part of the VAT for the sale. These are standards for IVA agreements include a clause that your house after a set number of years with the objective of giving the most value or "equity" in the house are always evaluatedcreditors.
You can pay the installments for another year for the amount of equity in your home. However, one could say that you sell your home, unless you spend the money. Options may include
You or a partner in a new loan and also back up at home. This can be difficult because the credit rating may not be sufficient to obtain a loan through a lender's reputation, and would endanger your home.
There is a risk that the IVA is agreedthe basis of monthly payments that can not afford long term. You must be very careful that the payments are set at a realistic level, in the first place.
If your situation changes and can no longer afford the payments your IVA may end if the IP --
can not convince creditors to accept a new agreement.
Fast Track IVA
Act from April 2004 under the 'Enterprise, there are new rules, how to make a tax after six bankrupt. You can search for a "Fast Track" implementation of VATproviding a proposal to the editor, even after bankruptcy. The liquidator may agree to act as supervisor of the IVA if they feel it will produce a better deal for creditors than they received as a result of bankruptcy.
There are fixed fees for this process to reduce costs.
There is no formal meeting of creditors.
The proposal will be sent by post and creditors to accept or leave.
The proposed VAT can not be changed.
If VATagreed, payment must be annulled bankruptcy.
If your IVA creditors could not return to bankruptcy, but the editor will be no further action.
Where the information will be kept on my IVA?
Public Register
IVAS record recorded in a public register. Order to find out if someone is a VAT may have documents that anyone, including members of the public, whether in person, by mail or fax. A copy of the search form can be printed fromwebsite below or you can ask the Insolvency Service, send a form. Your VAT are contained in the register until it is completed or terminated.
Individual Insolvency Register
Insolvency Service
5th Floor, West Wing
45-46 Stephenson Street
Birmingham
B2 4up
Tel: 0121 698 4000
Fax: 0121 698 4406
http://www.insolvency. gov. uk
You can also register in person, by visiting your local Official ReceiverOffice.
File reporting agency
IVAS records are for six years instead of the credit bureau files. VAT is "complete" by the Agency if that of the PI informs the monitoring of VAT. Make sure you have a copy of the letter from your IP to the 3 credit bureaus, so your credit file updated. We have a tab on the credit reference agencies that you may find useful. Call us for advice
Complaints insolvencyProfessionals
Allegations of a receiver, you must find out what the Licensing Authority they have registered. This should be given to you by your ISP. You must first direct your complaint in writing to your ISP. If you are still not satisfied, then please write to the department responsible for the IP. There is a useful booklet called "How to add a claim against a bankruptcy trustee. You can download this from the Insolvency Service or call us for advice given
LawCompany
113 Chancery Lane
London
WC2A 1PL
Tel: 020 7242 1222
Tel: 0870 606 2500 (national rate)
http://www.lawsociety.org.uk
The competent authority
The Secretary of State for Trade and Industry (SoS), Section bankruptcy
Insolvency Service
PO Box 203, 21 Bloomsbury Street
London
WC1B 3QW
Tel: 020 7291 6772
http://www.insolvency. gov. uk
The Institute of Chartered Accountants(ICAEW)
Gloucester House
399 Silbury Boulevard Central Milton Keynes MK9 2HL
Tel: 01908 248 100
http://www.icaew.co.uk
The Association of Chartered Certified Accountants (ACCA)
29 Lincoln's Inn Fields
London
WC2A 3EE
Tel: 020 7396 5700
http://www.accaglobal.com
The insolvency Association
52-54 Gracechurch Street
London
EC3V 0EH
Tel: 020 76235108
http://www.insolvency-practitioners.org.uk
If the office holder is a trustee in bankruptcy, you must contact the official
Receiver first to be prosecuted by the Insolvency Service.
For details of company liquidations or withdrawal of the company:
The Registry of Companies
Companies House Crown Way Cardiff
CF14 3UZ
Tel: 02920 388 588
http://www.companieshouse. gov. uk