What is a SIVA?

If you have been doing research on IVAs you may have come across the term SIVA. During 2007 and 2008 there was much discussion about the introduction into the law of a new form of IVA called a SIVA or Simple IVA. The SIVA would have been available for people with debts of up to £75,000 who were not self employed.

The advantage of the proposed SIVA would have been that the process for getting an agreement with creditors would have been simplified. Instead of requiring 75% of the value of creditors who vote to accept the IVA, the SIVA would have required only 50% to say yes. This would have made it much easier for an Insolvency Practitioner to put the SIVA in place.

However in Q4 of 2008 the Insolvency Service announced that the plans for introducing the SIVA had been halted and SIVAs were never introduced into Law.

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