Simple Individual Voluntary Arrangement’s (**SIVA’s**) is a term relating to two proposed new IVAs.

They are currently not available but it is expected they will become law in late 2006 or early 2007.

NOTE: these are the proposed models and are therefore subject to change, and may not even be proceeded with at all.

SIVA 1 - (if approved) will be available for people with debts under £30,000, would not require a meeting of creditors to approve the proposal so long as a Licenced Insolvency Practitioner could confirm the SIVA offered a better outcome for creditors than Bankruptcy. Additionally there would be no opportunity for creditors to modify the terms of the SIVA, however creditors would have the right to appeal to Court if the SIVA appeared to unfairly prejudice their interests.

SIVA 2 - (if approved) will be available for people with debts between £30,000 and £75,000. This would require a meeting of creditors to approve the proposal, however only a simple majority would be required as opposed to the 75% under an IVA. The Simple IVA still needs to offer a better outcome for creditors than Bankruptcy, as does a standard IVA. Similarly to SIVA 1 there would be no opportunity for creditors to modify the terms of the SIVA, and creditors would have the right to appeal to Court if the SIVA appeared to unfairly prejudice their interests.

This page will be updated if/when SIVA’s become law.