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Estimated Timescale

This is a typical timescale for getting an IVA agreed with creditors from initiation.

 

Max. No. of Days*
Event
Further Information
0
Case Received  
1
Letter sent to client advising that an initial draft IVA Proposal is being prepared.  
7
Draft IVA Proposal issued to client. Outstanding information requested.
7
Draft returned from client. IVA Proposal is updated and formally served on the Nominee.  
2
On receipt of the Nominee's "Consent to Act", Interim Order application is issued to client. Clients usually file the paperwork at Court but may swear before a solicitor and the Insolvency Practitioner will file.
1
Interim Order granted by Court.  
14
Nominee's Report filed at Court. Report comments on Proposal and states date, time and place for creditors' meeting.
7
Notice of meeting is issued to all creditors with copies of the Proposal, Nominee's Report and Proxy.  
21
Creditors' meeting held. Meeting is held not more than 28 days from hearing of Nominee's Report. It may be adjourned up to a maximum of 14 days from the date of the original meeting.
Total 60 Days
If 75% of Creditors by debt and more than half by number agree, then you have your IVA.  

* This is the maximum number of days that is usually taken by the insolvency practitioners we work with to process the paperwork and the timescales dictated by the Court and Insolvency Act 1986.

No allowance has been made for the length of time that it takes a client to return paperwork or file paperwork at Court, as this varies significantly from client to client.

 

 

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