Simplified Individual Voluntary Arrangement

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In the United Kingdom, a Simplified IVA (SIVA) is a proposed new form of IVA (Individual Voluntary Arrangement), which will be a formal alternative of clearing debt without being declared bankrupt.

The new regime is likely to have two tiers:

Tier 1 will have an upper limit of £25-30,000, and
Tier 2 an upper limit of £75,000.

Also, the approval of an SIVA is likely to be based on a simple majority instead of the exiting 75%.It is not known when the new regime will become effective and the full technical details are still awaited.