How long will an IVA take?

What timescale can I expect for sorting out an IVA?

A typical timescale for gaining agreement from creditors at a successful Meeting of Creditors will be:

• Day 0:
  Enquiry received
• Days – 1:
  Letter to client to advise that the initial draft of the IVA Proposal is being prepared
• Days – 7:
  Draft IVA Proposal issued to client – subject to all information provided by client
• Days – 7:
  Return of draft Proposal from client with documentation required from client
• Days – 2:
  “Consent to Act’ signed and returned by client
• Days – 7:
  Notice of Creditor Meeting sent to all creditors with details of date, venue and time of meeting, with copies of the Proposal, Nominee’s Report, and Voting Proxy papers
• Days – 21:
  Meeting of Creditors held

Total Days (estimated): 45

This figure assumes total co operation of the client in the provision of information and timely return of paperwork!