Simplified individual voluntary arrangement (original) (raw)

In the United Kingdom, a simplified IVA (SIVA) was a proposed new form of IVA (individual voluntary arrangement), which would have been a formal alternative of clearing debt without being declared bankrupt. The new regime was likely to have been two tiers: * Tier 1 would have had an upper limit of £25–30,000, and * Tier 2 an upper limit of £75,000. Also, the approval of an SIVA was likely to have been based on a simple majority instead of the existing 75%. The government decided not to proceed with the proposals for SIVA in November 2008.