Grant Thornton welcomes ‘simple’ IVA
Government releases simpler process for bankrupt individuals.
Mid-tier firm Grant Thornton has welcomed government plans aimed at making it
easier for heavily indebted consumers to take out Individual Voluntary
Arrangements as an alternative to bankruptcy and debt management plans.
The firm issued a statement after the government formally published responses
to the Insolvency Service’s Working Party consultation recommending a Simple
IVA, known as the SIVA, designed to speed up and simplify the process for
bankrupted individuals.
The new SIVA, which is expected to become law in Autumn 2007, will make the
debt repayment program more accessible for those heavily in debt.
Mark Allen, partner within Grant Thornton’s personal insolvency practice
commented: ‘As a member of the Insolvency Service’s Working Party, I welcome the
consultation responses which will ensure that both the creditor and the consumer
get a fair deal.’
