Of course there’s always the possibility that your IVA will fail at the creditors meeting.
Failed IVA creditor meetings are not particularly common, but they do happen.
When there is no hope of an agreement between the parties, it is inevitable the IVA will fail.
In most cases an insolvency practitioner would actually try to adjourn the creditors meeting prior to the IVA being failed, because by adjourning the meeting the insolvency practitioner allows 14 days for reconsideration’s, and many adjourned creditor meetings will end in agreement, but there’s always going to be the odd one or two where no agreement can be met.
When an IVA has failed, it doesn’t mean that’s the end of the IVA route for the debtor. Indeed, many failed IVAs can be re proposed shortly after the original IVA failed.
In cases where circumstances change sufficiently for the second attempt is notably different from the first failed IVA, the insolvency practice will offer the IVA for agreement again.
And what’s more this resubmission doesn’t need to be done by the same IVA nominee either.
If you want to try a fresh approach and try a new IVA agreement, you should call My IVA Adviser 0800 088 7503 now.
We have extensive experience in resubmitting failed IVAs after other insolvency practices have previously failed to get agreements.
Once we are able to see that there is a change in circumstances, the IVA will be presented as normal.
It could be suggested that the new IVA has a better chance of acceptance too, for creditors will be able to see the degree of willingness the debtor has shown in their desire to reach an arrangement.
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