IVA - Estimated completion timescale
Introduction
This is a typical timescale for getting an IVA agreed with creditors from initiation.
| Max. No. of Days* | Event | Further Information |
| 0 | Case received. |
|
| 1 | Letter sent to client advising that an initial draftof IVA Proposal is being prepared. |
|
| 7 | Draft IVA Proposal issued to client. |
Outstanding information requested. |
| 7 | Draft returned from client. IVA Proposal is updated and formally served on the Nominee. |
|
| 2 | On receipt of the Nominee's "Consent to Act", Interim Order application is issued to client. |
Clients usually file the paperwork at Court but may swear before a solicitor and the Insolvency Practitioner will file. |
| 1 | Interim Order granted by Court |
|
| 14 | Nominee's Report filed at Court |
Report comments on Proposal and states date, time and place for creditors' meeting. |
| 7 | Notice of meeting is issued to all creditors with copies of the Proposal, Nominee's Report and Proxy. |
|
| 21 | Creditors' meeting held. |
Meeting is held not more than 28 days from hearing of Nominee's Report. It may be adjourned up to a maximum of 14 days from the date of the original meeting. |
| Total 60 days |
If 75% of Creditors (by total of debt) agree, then you have your IVA. |
|
Please Note
* This is the maximum number of days that is usually taken by the insolvency practitioners we work with to process the paperwork and the timescales dictated by the Court and Insolvency Act 1986.
No allowance has been made for the length of time that it takes a client to return paperwork or file paperwork at Court, as this varies significantly from client to client.
IVA Menu
- IVA (Individual Voluntary Arrangement) Overview
- Starting an IVA
- The IVA process
- IVA Monthly Payment
- IVA Pros and Cons
- IVA FAQs - Frequently Asked Questions
- Starting an IVA
- The IVA procedure
- What is an IVA?
- IVA Enquiry Form
- How to start an IVA
- Who can an IVA help?
- IVA's - Facts & how they work
- Benefits and Advantages of an IVA
- Who can an IVA help?
- IVA - Help and information
- How an IVA works
- IVA - Estimated timescale
- The IVA approval process
- The IVA criteria
- Bankruptcy or IVA
- IVA - What are the costs involved?
- IVA - The documentation required
- IVA - Download forms
- Sample IVA proposals for PAYE worker
- IVA - Guide to creditors Fees
- IVA - Standard Terms & Conditions
- Individual Insolvency Register
- IVA
- IVA lifestyle
- Debt free after an IVA
- Is my home protected in an IVA?
- Chances of IVA rejection
- Keeping my car
- Credit rating after an IVA
- Credit report and the IVA
- Professional accreditation in an IVA
- IVA conclusion
- IVAs and meetings
- Change in circumstances whilst in an IVA
- IVA benefits for creditors
- Failed IVA payments
- IVA Case Studies
- Benefits of an IVA
- Implications of an IVA
- After an IVA - the end of an IVA
- IVA Help
- Best Debt Solution
- Proposed changes to individual voluntary arrangements (IVAs)
- What happens after an IVA fails?
- IVA Guide Centre
