Individual Voluntary Agreement Definition

The liner`s tax is an ongoing tax for work performed during an IVA. It is recovered at regular intervals at the IVA, as agreed with the creditors with the right to vote. This can be done quarterly or annually, depending on the rules set out in the proposal. If a meeting of creditors does not approve a proposal for a voluntary agreement by a trustee in bankruptcy, any injunction remains valid until the court discharges it. This is usually the case when the court receives the candidate`s record. If the official liquidator is required to proceed urgently before the interim measures are adopted, he or she may apply to the Tribunal for an investigation to obtain an order for the enforcement of the interim order and a stay of proceedings. A member of a partnership may propose an individual voluntary agreement that takes into account the demands of the company`s creditors. The IVA does not affect the right of creditors to oppose the partnership or any other partner. When a bankruptcy order is issued as a result of a bankruptcy error, the official judicial administrator should ask the supervisory authority concerning details of previous voluntary agreements. This information may contain details of certain assets that were not disclosed in the bankruptcy proceedings and, as a general rule, will assist the official liquidator in its investigations.

The proposal is then considered by the candidate (usually a judicial administrator) who reports to the court or creditors of the debtor on whether the proposal is acceptable and viable. If necessary, the proposal will be submitted to a meeting of creditors. If the proposal is adopted at the meeting, the candidate becomes supervisor of the IVA and oversees its operation. Any agreement with creditors is legally binding. 12 If the voluntary agreement is approved, a supervisor is appointed and the examiner must agree to the handover with him as soon as possible. This is a list of all documents, correspondences, etc., that should be signed by the supervisor or his representative at the time of handing over. Save IVA details on LOIS (CA06) in the “Approved Voluntary Agreement” field. If a date is entered in this box, the details of the “supervisor” should also be included in the Agency. More information on the entry of the necessary information can be found in LOIS` “Annulments, Stays – Rescissions” available on the services OR intranet page.

The cashier must also enter the case details of the “Spreadsheet IVA Cases” available on S Drive.