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Individual Voluntary Arrangements
An individual voluntary arrangement (IVA) is a formal alternative in England and Wales for individuals wishing to avoid bankruptcy. In Scotland, the equivalent statutory debt solution is known as a protected trust deed. The IVA was established by and is governed by Part VIII of the Insolvency Act 1986. It constitutes a formal repayment proposal presented to a debtor's creditors via an insolvency practitioner. Usually but not necessarily, the IVA comprises only the claims of unsecured creditors and leaves the rights of secured creditors largely unchanged. Insolvency practitioners charge initial and ongoing fees that are in addition to the debt. An IVA is a contractual arrangement with creditors and can be as flexible as an individual's own circumstances. It can therefore be based on capital, income, third-party payments or a combination of those. In this process, a debtor who has enough money left over after priority creditors and essential expenses, may be able to arrange ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In England And Wales
Bankruptcy in the United Kingdom is divided into separate local regimes for England and Wales, for Northern Ireland, and for Scotland. There is also a United Kingdom insolvency law, UK insolvency law which applies across the United Kingdom, since bankruptcy refers only to insolvency of individuals and partnerships. Other procedures, for example administration (law), administration and liquidation, apply to insolvent companies. However, the term 'bankruptcy' is often used when referring to insolvent companies in the general media. Bankruptcy in England and Wales In England and Wales, bankruptcy is governed by Part IX of the Insolvency Act 1986 (as amended) and by the Insolvency Rules 1986 (as amended). The term bankruptcy applies only to individuals, not to companies or other legal entities. An individual may be made bankrupt only by court order following the presentation of a bankruptcy petition. An individual may present his own petition on the ground that he is insolvent, i.e. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citizens Advice Bureau
Citizens AdviceCitizens Advice is the operating name of The National Association of Citizens Advice Bureaux, which is the umbrella charity for a wider network of local advice centres. The abbreviation CitA is sometimes used to refer to this national Citizens Advice organisation. Citizens Advice does not use an apostrophe in its title since the 1980s. However, it appears in earlier usage: for instance, Margaret Brassnett's 1964 publication ''The Story of the Citizens' Advice Bureau''. (previously Citizens Advice BureauThe abbreviation CABx, short for Citizens Advice Bureaux, is sometimes used to refer collectively to local Citizens Advice offices. and also known as Cyngor ar BopethCyngor ar Bopeth translates as 'advice on everything' in Welsh language, Welsh) is a British independent organisation specialising in confidential information and advice to assist people with legal, debt, consumer, housing and other problems in the United Kingdom. The twin aims of the Citizens Advice serv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Simplified Individual Voluntary Arrangement
In the United Kingdom, a simplified IVA (SIVA) was a proposed new form of IVA (individual voluntary arrangement), which would have been a formal alternative of clearing debt without being declared bankrupt. Tiers The simplified IVA (SIVA) was likely to have been two tiers: * Tier 1 would have an upper limit of £25–30,000, and * Tier 2 would have an upper limit of £75,000. The approval of an SIVA was likely to have been based on a simple majority instead of the existing 75%. The government decided not to proceed with the proposals for SIVA in November 2008. Withdrawal In December 2008 The plans announced to modify the Insolvency Act 1986 by introducing SIVAs (Simplified IVA) have been withdrawn from the regulatory marketplace. The association said that the "successful operation of the IVA Protocol has resulted in many of the desired improvements in the IVA marketplace being implemented without the need for further insolvency legislation". See also *Individual voluntary arra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protected Trust Deed
A protected trust deed, overseen by the Accountant in Bankruptcy, is a voluntary but formal arrangement that is used by Scottish residents where a debtor (who can be a natural person or partnership) grants a ''trust deed'' in favor of the trustee which transfers their estate to the trustee for the benefit of creditors. Any person wanting to make an application for a protected trust deed must have been a resident of Scotland for at least six months prior to making the application. This can be a way for people to deal with debt problems by protecting the debtor from the legal enforcement of debts which are included in the trust deed, but only once it has become protected. It will not reverse any action that has been taken prior to the trust deed, such as earning or bank arrestments, although the trustee may negotiate the lifting of any arrestment. Many people who enter trust deeds are able to keep their homes, but where there is equity, that equity will normally have to be realiz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Insolvency Arrangement
A Personal Insolvency Arrangement (PIA) is a statutory mechanism in Ireland for individuals who cannot repay their debts as they come due but who wish to avoid bankruptcy. The arrangement is one of the three alternatives authorized under Ireland's Personal Insolvency Act 2012; Debt Settlement Arrangements (DSA) and Debt Relief Notices (DRN) are the other two arrangements. A PIA is a legal agreement between a debtor and their creditors that is mediated and administered by a Personal Insolvency Practitioner (PIP). A PIA usually lasts for a term of six years and must include both unsecured debt and secured debts. Eligibility Eligibility criteria for a debtor include: * The debtor is insolvent, that is they cannot pay debts in full when they are due. * The debtor owes a debt to at least one secured creditor holding security over Irish property or assets. * The debtor has secured debts less than €3 million (unless creditors agree to upper limit) * The debtor has co-operated with the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidation
Liquidation is the process in accounting by which a Company (law), company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as :wikt:wind up#Noun, wound-up or dissolved, although Dissolution (law), dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or Government agency, agency in a country responsible for collecting and safeguarding Duty (economics), customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust"; or sometimes a court can mandate the appointment of a liquidator e.g. ''wind-up order'' in Australia) or voluntary (sometimes referred to as a ''sharehold ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fast-track Voluntary Arrangement
A fast-track voluntary arrangement (FTVA), in the United Kingdom, is a binding agreement with a debtors creditors to pay all or part of the money owed to them. A debtor can only enter into it after they have been made bankrupt. In an FTVA an official receiver acts as nominee; that is, he (or she) helps to prepare a proposal that is put to creditors and, if they accept the proposal, acts as supervisor, looking after the arrangement and making payments to creditors in accordance with the proposal. FTVAs were introduced in 2004 by a 2003 amendment to the Insolvency Act 1986. Official receiver's fees The official receiver's fee to act as nominee is currently £300, and as supervisor he also charges 15% of all sums realised. In addition, a registration fee of £35 for the FTVA is payable in order that the FTVA is recorded on the public register of all individual voluntary arrangement An individual voluntary arrangement (IVA) is a formal alternative in England and Wales for indi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Company Voluntary Arrangement
Under UK insolvency law an insolvent company can enter into a company voluntary arrangement (CVA). The CVA is a form of composition, similar to the personal IVA (individual voluntary arrangement), where an insolvency procedure allows a company with debt problems or that is insolvent to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate debts over an agreed period of time. The application for a CVA can be made by the agreement of all directors of the company, the legal administrators of the company, or the appointed company liquidator. Implementation A company voluntary arrangement can only be implemented by an insolvency practitioner (IP), who will draft a proposal for the creditors. A meeting of creditors is held to see if the CVA is accepted. As long as 75% (by debt value) of the creditors who vote agree, then the CVA is accepted. All the company creditors are then bound to the terms of the proposal whether or n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, meaning the term ''bankruptcy'' is not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian language, Italian , literally meaning . The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery" until the creditor recouped losses through their Manual labour, physical labour. Many city-states in ancient Greece lim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Administrative Receivership
In law, receivership is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especially in cases where a company cannot meet its financial obligations and is said to be insolvent. The receivership remedy is an equitable remedy that emerged in the English chancery courts, where receivers were appointed to protect real property. Receiverships are also a remedy of last resort in litigation involving the conduct of executive agencies that fail to comply with constitutional or statutory obligations to populations that rely on those agencies for their basic human rights. Types of receivership Receiverships can be broadly divided into two types: *those related to insolvency or enforcement of a security interest *those where either: **a person is incapable of managing their affairs and a court has appointed a receiver to manage t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Administration Order
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under administration" – is an alternative to liquidation or may be a precursor to it. Administration is commenced by an administration order. A company in administrative receivership is operated by an administrator (sometimes referred to as a receiver and manager) (as interim chief executive with custodial responsibility for the company's assets and obligations) on behalf of its creditors. The administrator may recapitalize the business, sell the business to new owners, or demerge it into elements that can be sold and close the remainder. Most countries distinguish between voluntary (board-decided) and involuntary (court-decided) receivership. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Christians Against Poverty
Christians Against Poverty (CAP) is a Christian charitable company in the United Kingdom founded in Bradford, West Yorkshire by John Kirkby in 1996. It is a national organisation specialising in debt counselling for people in financial difficulty. It also provides job clubs for those seeking employment, life skills groups to help people with live well on a low income, and money coaching workshops to equip people with essential budgeting skills. In December 2011, Christians Against Poverty were granted their own Group Licence by the Office of Fair Trading alongside other leading debt counselling bodies, such as Citizens Advice and Advice UK. The Financial Conduct Authority, which replaced the Office of Fair Trading in 2014, gave Christians Against Poverty full authorisation in 2017. Stewart McCulloch is the current Chief Executive Officer, and joined CAP in January 2024. CAP also has independently operated affiliates in Australia, New Zealand, Canada, and the United States. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
