I’ve got a pending bankruptcy petition against me, is it too late for an IVA?

It may not be too late if you’re suitable for and fully committed to the IVA process. It’s possible for a Licensed Insolvency Practitioner to request an adjournment of the bankruptcy proceedings for a period of up to two months while a formal IVA proposal is put to and voted on by your creditors.

You need to bear in mind that the creditor who has petitioned for your bankruptcy will have incurred costs in doing so and in order for them to agree to your IVA, they will want these costs repaid and will therefore ask for this to be added as a condition of any IVA going ahead.

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