What are the advantages of an IVA compared to Bankruptcy?
If you opt for an IVA and are eligible, you will be able to have a lot more control over your assets than you would with a formal bankruptcy. You may well be allowed to keep your home and other assets. You will also have a lot more control as to where your money is distributed and how much you pay. An Official Receiver is appointed to protect your goods and possessions. They will act as a trustee of your bankruptcy should you not own any assets. Should you have non-essential assets, an Insolvency Practitioner (IP) will be allocated to work on your behalf to sell these assets and pay your creditors. Your creditors are not allowed to contact you for any money; everything must go through your IP as they are acting as your official trustee.
