SIVAs

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janderson

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Post by janderson » Tue Aug 12, 2008 1:03 pm
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Hi All

I was just wondering if any of the expertts out there know what the current state of play is with regard to the SIVAs that are planned to be introduced soon.

Thanks


John
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MelanieGiles

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Post by MelanieGiles » Tue Aug 12, 2008 2:23 pm
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We hope to see them from April 2009 onwards.
Regards, Melanie Giles, Insolvency Practitioner
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chris2202

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Post by chris2202 » Tue Aug 12, 2008 2:48 pm
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Just out of interest, what are they?

Thanks

Chris
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janderson

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Post by janderson » Tue Aug 12, 2008 3:01 pm
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Hi All

Below is a description of the criteria of a SIVA, they hopefully will help in our quest for debt free lives.




The new SIVA will have many benefits, including that of flexibility and a simplier setting up process.The Simplified IVA system will likely have two tiers. Tier 1 having an upper limit of £25-30,000 and Tier 2 an upper limit of £75,000. Also the number of creditors that must agree to the SIVA is lower than a traditional IVA, so more are likely to be approved. A SIVA Tier 1 agreement will not need a majority vote to proceed while a SIVA Tier 2 will continue to require a vote, but will only need a 51% agreement from the creditors, rather than the current 75%.


Regards


John
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