Simplified Individual Voluntary Arrangement
- Simplified Individual Voluntary Arrangement
In the United Kingdom, a Simplified IVA (SIVA) is a proposed new form of IVA (Individual Voluntary Arrangement), which will be a formal alternative of clearing debt without being declared bankrupt.
The new regime is likely to have two tiers:
*Tier 1 will have an upper limit of £25-30,000, and
*Tier 2 an upper limit of £75,000.
Also, the approval of an SIVA is likely to be based on a simple majority instead of the exiting 75%.It is not known when the new regime will become effective and the full technical details are still awaited.
External links
* [http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/con_doc_register/proposedchangestoIVA.pdf UK Government Simplified IVA Proposals]
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