Define Individual Voluntary Agreement

If a bankruptcy administrator`s proposal for an IVA is approved, the official liquidator should ensure that a remission will take place as soon as possible after the creditors` meeting. The official beneficiary should only hand over the assets included in the voluntary agreement and all assets that are not included should be held by the official beneficiary until the nullity decision is made. The proposal is the key document of any voluntary agreement. The proposal must nominate a person as a designated candidate; such a person may be a qualified judicial administrator or any other qualified person and must be prepared to oversee the implementation of the agreement. As a general rule, the official recipient should attend the referral hearing and/or report to the court. As a general rule, the report should be fairly short and should focus on the conduct of the bankruptcy trustee, any non-compliance with legal obligations, known (bankruptcy or related) violations, and details of a previous bankruptcy. The report should also determine whether or not a return has been filed, provide succinct information on known assets and liabilities, and provide an estimate of the official beneficiary`s taxes, costs and expenses. The official recipient should also include all facts that could have a significant impact on the views of creditors considering a proposed voluntary agreement, such as non-disclosure .B information, under-value transactions, preferences, illicit goods for sale to HP, etc. If a meeting of creditors does not approve a proposal for a voluntary agreement by a trustee in bankruptcy, any injunction remains valid until the court discharges it. This is usually the case when the court receives the candidate`s record. If the official liquidator is required to proceed urgently before the interim measures are adopted, he or she may apply to the Tribunal for an investigation to obtain an order for the enforcement of the interim order and a stay of proceedings. When a bankruptcy order is issued as a result of a bankruptcy error, the official judicial administrator should ask the supervisory authority concerning details of previous voluntary agreements. This information may contain details of certain assets that were not disclosed in the bankruptcy proceedings and, as a general rule, will assist the official liquidator in its investigations.

If the majority of creditors (more than 75% in value) vote in favour of it, the proposal is adopted. The chair of a meeting approving an individual voluntary agreement must provide the Secretary of State (IUCN, Birmingham) with details of the registration agreement. The outcome of the meeting should also be given to the court (only referral cases), the official recipient and any agent. In cases where there has been no injunction, it is the creditors who are informed of the result, not the court. If a meeting is to take place, the date of the meeting and the details of the proposal are communicated to creditors. A meeting of creditors is convened to decide whether the proposed voluntary agreement is approved with or without amendment. Changes can only be made with the debtor`s consent. The chair of the meeting should be the candidate, the judicial administrator, the agent or one of his experienced insolvency staff. An IVA is a private agreement between debtors and creditors.

Since April 6, 2009, bankruptcy has not been advertised in the local newspaper, but only in the London Gazette.