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be prepared to accept as part of such an Arrangement, and what they will not.
An IVA is arguably a more flexible option than a Bankruptcy. If, for example, the debtor owns assets such as property or a vehicle, it may be possible for them to be retained, rather than use them to pay their creditors (as they probably would in a Bankruptcy). Also, a person can be the subject of an IVA and still be a director, accountant, lawyer or Member of Parliament. This is not the case with a Bankruptcy.
[See ‘Bankruptcy’, ‘IVA Protocol’, ‘Nominee’, ‘Supervisor’ and ‘Nominee’.]
An industrial and provident society is an organisation that conducts an industry, business or trade, either as a co-operative or for the benefit of the community, and is registered under the Industrial and Provident Societies Act 1965.
Such Societies are registered under the Financial Conduct Authority, and the Companies Act 2006 requires the name of an industrial and provident society to be included on the registrar of companies’ index of company names.
An Insolvency Practitioner may convert them to a company registered under the Companies Act 2006.
[See ‘Insolvency Practitioner’ and ‘Financial Conduct Authority’.]
Inheritance Tax (IHT) is paid when a individual person’s estate is worth more than £325,000 when they die. This is subject to exemptions such as ‘taper relief’ (where the tax amount reduces on gifts the longer the person gifting lives following the gift/donation. If the person giving the gift lives for seven years following the date of giving, the tax reduces to zero).
There is also a personal exemption for the person gifting or who has died – this is, no IHT is paid on the first part of the gift or legacy property. This is the £325,000 mentioned above.
