IVA is also known is individual voluntary arrangement. It is the arrangement that is done by an individual with his creditors incase the individual is not able to pay his creditors back. This is mainly done to avoid bankruptcy. This is more beneficial than bankruptcy to both the creditor and the debtor. Both the parties are fairly compensated with this contract. Also the creditor is bound by the agreement that is decided at the IVA meeting. He cannot take any further action against the debtor

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What is IVA?

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