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What is an IVA?
Individual Voluntary Arrangement (IVA)
An IVA is formal plan to repay your debt at a set amount
over a set period of time
Bankrupt
A person who has had a bankruptcy order placed against them
and who has not yet completed their bankruptcy term.
Bankruptcy Order
The legal order which makes an individual becomes bankrupt.
Compulsory Liquidation
When an organisation is placed into liquidation as a consequence of an application to the court, typically by a creditor.
Consolidation Loan
A consolidation loan is a larger loan used
to consolidate smaller loans into one smaller payment
DMP
Debt Management Plan is an informal way to repay your debt.
Receivership
Receivership is the term which is used when an individual is chosen as a receiver or administrative receiver of specific assets.
Protected Trust Deed
A Trust Deed is the Scottish version of an IVA
Insolvency Practitioner (IP)
An Insolvency Practitioner is an individual who is sanctioned by: Chartered Accountancy Bodies, Law Societies, The Insolvency Practitioners Association or the Department of Trade and the only person who can represent individuals in an insolvency case.
Interim Order
A person who intends to put forward a voluntary arrangement to his creditors may place a request to the court for an 'interim order' which,
if approved prevents bankruptcy and other legal actions whilst the order is in effect.
Official Receiver (OR)
An official Receiver is a civil servant who has been appointed by the Department of Trade and Industry to deal with compulsory liquidations and bankruptcies.
Creditors' Committee
A creditors' committee is created to act for the concerns of all creditors in.
Disqualification of Directors
Any director of an insolvent company who has been found to have mismanaged its affairs could be disqualified via a petition to the court from the Department of Trade and Industry, from holding management status within a company for a period between 2 and 15 years.
Liquidation
Liquidation is the process where all assets of a company (or partnership) are collated and accounted for.
Insolvency Practitioner (IP)
An Insolvency Practitioner is an individual who is sanctioned by: Chartered Accountancy Bodies, Law Societies, The Insolvency Practitioners Association or the Department of Trade and the only person who can represent individuals in an insolvency case.
Interim Order
A person who intends to put forward a voluntary arrangement to his creditors may place a request to the court for an 'interim order' which, if approved prevents bankruptcy and other legal actions whilst the order is in effect.
Official Receiver (OR)
An official Receiver is a civil servant who has been appointed by the Department of Trade and Industry to deal with compulsory liquidations and bankruptcies.
Creditors' Committee
A creditors' committee is created to act for the concerns of all creditors in .
Disqualification of Directors
Any director of an insolvent company who has been found to have mismanaged its affairs could be disqualified via a petition to the court from the Department of Trade and Industry, from holding management status within a company for a period between 2 and 15 years.
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