Grant Thornton welcomes ‘simple’ IVA

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.’

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

5m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

5m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

6m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

6m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

6m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

6m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

7m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

7m Emma Smith, Managing Editor