Since June 2002, the regulators have required insolvency practitioners (IPs) to give this guidance leaflet to people thinking about making an individual voluntary arrangement (IVA). It aims to help you understand what is involved before you commit yourself.
The rules say that your IP should not have charged you any money in connection with an IVA before you have read this leaflet and had the opportunity to discuss any points or issues that you do not understand. But in complex cases, perhaps when you own a business, you might already have paid the IP or his firm for professional advice leading to a decision to consider an IVA. The IP should always offer you the choice of a personal meeting, either with the IP himself, or with a suitably experienced colleague who can give good advice.
This leaflet has been prepared by the Association of Business Recovery Professionals, also known as R3. It is not a full statement of the law, nor can it cover all circumstances. Accordingly R3 accepts no responsibility if you rely on this leaflet. You should always seek appropriate professional advice.
R3 members can provide advice on a range of business and personal finance issues. To find an R3 member who can help you, click below.