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Individuals
and Sole Traders
Individual Voluntary Arrangement (“IVA”)
If, as an individual or sole
trader, you find that you currently cannot pay your debts,
it may be possible to reach a binding agreement with your
creditors by a process known as an Individual Voluntary Arrangement("IVA").
Generally speaking, proposals often include making affordable
monthly payments over a period of either 3 or 5 years in full
satisfaction of your unsecured liabilities. For an Individual Voluntary Arrangement("IVA") scheme to
be approved it requires a 75% majority of voting creditors.
If you consider that an Induvidual Voluntary Arrangement ("IVA") could be the answer
to your financial problems, a Partner from O’Hara &
Co will be happy to explain the procedures.
Bankruptcy
In the event that an IVA is
not appropriate then Bankruptcy may be the correct course for
you to take as an individual. Entirely without prejudice and
in confidence O’Hara & Co will explain to you in plain
and simple terms what your obligations as a Bankrupt would be
and which Court you will need to attend to present your own
petition. The Bankruptcy Rules changed substantially in 2004
as a result of which the majority of Bankrupts will obtain their
automatic discharge from Bankruptcy within 12 months of being made Bankrupt.
In addition, Trustees now have only three years to commence
dealings with their interest in the Bankrupt’s matrimonial
home.
Back
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STEPS TO GETTING YOUR LIFE BACK ON TRACK
1. Apply online
or
call now on
Freephone
0800 085 5708
2. We prepare a Proposal
and contact your Creditors
3. If necessary we
obtain a court order protecting you immediately from
your Creditors
4. We negotiate
a Legally binding Agreement with
Your Creditors
an "IVA"
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