IVA (Individual Voluntary Arrangements)
The basis of IVA lies in section 20 of the Bankruptcy Ordinance, Cap 6. This section provides an alternative to debtors who are on the verge of bankruptcy. After the repayment proposal is approved, the Individual Voluntary Arrangements (“IVA”) will be formally implemented. Debtors with repayment ability can make regular repayments with fixed number of installments, amount and interest rate, without going bankrupt.