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- Choose an appropriate adviser (Nominee) to act on your behalf.
- Consider with Nominee the terms of your Proposal to creditors and whether an Interim Order is required to stop any legal action already being taken against you by creditors. (If required steps 3 to 6 are followed, otherwise move to step 7).
- Nominee will assist in writing your Proposal and make an initial application to court for an Interim Order protecting you from creditors.
- Court will usually grant a 14 day interim order, and adjourn the full application to allow time for the Nominee to file his report and comments on your Proposal.
- Nominee files your final Proposal including Estimated Outcome Statement and confirms to court that in his opinion a meeting of creditors should be summoned to consider your Proposal.
- Court will then normally make a standard order summoning a meeting of creditors and adjourning any further action against you until all creditors have had an opportunity to consider your Proposal for an IVA.
- In the majority of cases no Interim Order is required and the Nominee simply files your Proposal plus his Report and Comments at the Court. At the same time he will write to all your creditors advising them of your circumstances and giving them at least 14 day's notice of a meeting of creditors at which they will decide whether to accept or reject your Proposal.
- At the creditors' meeting you need to have 75% of those creditors voting (by value of debt) agree to your offer for the IVA to be approved. If approved, the decision binds all creditors to the Arrangement including those that didn't vote or voted against.
- The Nominee will then issue a Report to all creditors and the Court advising them on the outcome of the Meeting.
- The Nominee's role now changes to Supervisor and all future correspondence from creditors is directed to his office. The Supervisor is then responsible for ensuring the terms of the Arrangement are adhered to by all parties.
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