Hello
First of all, I'm surprised that your parents have just started IVAs at 66 and 70 - are they both still working? How are the IVAs being funded?
It's quite unusual for people to be entering IVAs at such an age, unless their IVAs are based on a one off lump sum contribution?
An IVA is an individual agreement with your creditors so each of your parents will have their own separate IVA, although the 2 will be interlocking. The terms of the IVA will provide for what happens in the case of death. You will need to have a look at the IVA proposal documents and any additional terms and conditions attached or added by creditors in the modifications - these will appear in the "Chairman's Report" of the creditors meeting which approved the IVA.
The only other way to find out is to speak to the Supervisor of the IVAs - the insolvency practitioner dealing with the case - who will be able to advise you on the specific terms.
Hope this helps
AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com