| 释义 |
voluntary arrangement
1. (individual voluntary arrangement: IVA) An agreement between a debtor and his creditors concerning the payment of his debts under the provisions of the Insolvency Act 1986. An IVA, which is often used as an alternative to bankruptcy, takes the form of either a scheme of arrangement or a composition. It can be made either before bankruptcy proceedings are initiated or between an undischarged bankrupt and his creditors. The court makes an order, called an interim order, to protect the debtor from bankruptcy and other court proceedings while an agreement is worked out. The debtor presents his proposals to a creditors’ meeting to which all his creditors must be invited. If the meeting agrees with the debtor’s proposals, the approved voluntary arrangement becomes binding on all the debtor’s creditors, whether or not they attended the meeting. The approved voluntary arrangement does not have to be registered as a deed of arrangement. The meeting’s decision is reported to the court, which may discharge the interim order if no agreement has been reached. An insolvency practitioner (the supervisor) is appointed to supervise the carrying out of an approved voluntary arrangement. He may petition for a bankruptcy order if the debtor fails to comply with the terms of the arrangement. 2. (company voluntary arrangement: CVA) A similar agreement between a company in financial difficulties and its creditors. Under the Insolvency Act 1986 it must be approved by meetings of both the company and the creditors; if it affects the priority of preferential debts, the consent of the preferential creditors is required. If the arrangement is approved it becomes binding from the date of the creditors’ meeting; there is no interim order. It is supervised by a nominee, who must be a qualified insolvency practitioner. An administration order may be granted to assist the conclusion of a voluntary arrangement. |