IVAs (Individual Voluntary Arrangements) – Business

IVAs (Individual Voluntary Arrangements) – Business

IVAs or Individual Voluntary Arrangements allow you to make arrangements with the people you owe money to so you can reach a final legally binding settlement. These people (or creditors) would include all your business debt; that is suppliers, and any outstanding taxes, including VAT, PAYE, personal taxation, business rates, debts arising under personal guarantees and would also include any other personal unsecured debts such as credit cards.

It would also include your company bankers so long as the bank have not taken a charge on your home or any other property that you own. If the bank have taken a charge it would be necessary to negotiate separately outside of the IVA as far as the secured debt was concerned.


Help with IVAs from Griffin and King Insolvency Practitioners

An IVA is a tailored plan to suit your individual financial circumstances and pay to creditors only what you can afford.

If your business is viable and you wish to continue to trade this may possible with an IVA but it depends on all the circumstances of your business. We will look at your business carefully with you to help you with this decision.

If we agree that your business has to stop trading it will be necessary to review any assets of the business and agree how these are to be dealt with as part of your IVA.

IVAs replace all your current payments with one affordable monthly payment which is usually paid over a period of five years.

If you can afford to pay a lump sum no monthly payments may be necessary – it’s all about tailoring a plan to your individual circumstances.

If you are a home owner it is usually possible to keep your family home.

After that time any remaining debt is written of and you become completely debt free.

Monthly repayments can start from as low as £150 which is usually much less than existing minimum payments on credit cards and loans.

If you have unsecured debts of at least £15,000, have a regular house hold income and live in England, Wales or Northern Ireland, an IVA may be the option for you.


For more information on IVAs or any other Business Debt Solutions contact Griffin & King Insolvency Practitioners for free impartial advice on 0843 778 7612.