What Is A Variation Meeting ?
For those people who have come across the term ‘IVA Variation Meeting’, here is a brief explanation of how a variation meeting may be required within an Individual Voluntary Arrangement (IVA). When a person in serious financial difficulties has chosen an Individual Voluntary Arrangement (IVA) as their preferred debt solution, they will have agreed to the terms and conditions of their Individual Voluntary Arrangement (IVA) at their IVA creditors meeting. However, a change in the debtor’s circumstances may mean that the original terms of the IVA proposal can no longer be adhered to, but may not necessarily mean that the Individual Voluntary Arrangement (IVA) has to be considered failed. If the debtor is able to make a revised offer to their creditors then an IVA Variation Meeting can be convened, to allow creditors to consider the proposed IVA variations. The IVA Supervisor will prepare a report to the creditors, giving details of the change in the debtor’s circumstances, together with a
