If you fail to keep to the arrangement, your supervisor in the IVA has the right to file for your bankruptcy.
Small, short-term defaults will usually be met with just a warning.
Where the default appears to be beyond the control of the applicant, most IVA’s will allow the Supervisor to apply to the creditors for an extension of time or a variation in terms. The most common causes are where a self-employed person suffers a dip in income over a short period, or there is some delay in achieving the sale of an asset.
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