Fast Track IVA

[stam]

Apologies if this post appears twice.

I have been reading some interesting stuff abour fast track IVA's. (www.insolvency.go.uk) My understanding is that you can only apply for one of these if Bankrupcy proceedings have begun. The official receiver can agree to act as IP and the terms of the arrangement can be flexible with regard to duration (you can extend the number of years the fast track IVA runs beyond five ) If the creditors accept the proposal the BO becomes null and void.

Just couple of questions for the experts

Can you go for a fast track IVA if a conventional one is refused which forces you into bankrupcy?

Has anyone had any experience of a fast track IVA?

Any help appreciated

[ivoriva]

No experience, but I believe they are only available for debts below a certain level in personal insolvencies, but I might be wrong. Also, they require only a common majority of votes (in value) I believe.

[stam]

Hello
Thanks for your reply,
Just copied this from the site,(in blue) which seems to suggest any level of debt will be considered.

Does anybody thing an IVA proposal from the OR might be more likely to be accepted by creditors, as refusal will mean bankrupcy

Thanks

Are there any restrictions?

Generally speaking no, but the court cannot make an interim order if you have applied for one in the previous 12 months. There is no maximum or minimum level of debt and no maximum or minimum level of repayments, except what is acceptable to your creditors. An arrangement might particularly suit you if:

· you have friends or relatives prepared to help pay or contribute towards paying your debts;

· your income enables you to pay regular sums to creditors.

[ivoriva]

Hmmm, I dont know where I got that idea from then! Its also the same voting system as a normal IVA (IE 75%).
So I stand corrected...

[Skippy]

Are you thinking of SIVA's Ivor?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

Fast track IVA's can only be presented after you have been made bankrupt, where the Official Receiver is acting. They are quite rare, as most people who go bankrupt have either tried or considered the conventional route, and having gone through the bankruptcy process are happy to remain following that.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk