individual voluntary arrangement
See individual voluntary arrangement (IVA).
An arrangement that allows a settlement between the insolvent individual and its creditors on agreed terms and, as a result, avoids the bankruptcy of the individual. A nominee supervises an IVA.
The Enterprise Act 2002 will make changes to the IVA regime when the relevant provisions come into force on 1 April 2004.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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