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Personal Insolvency
Bankruptcy/Sequestration
Bankruptcy (Sequestration in Scotland) is the administration of the affairs of an insolvent individual by a trustee in the interests of his creditors. When a person becomes bankrupt, the control of all his assets, with certain exceptions, passes to the trustee whose job is to sell them and distribute the proceeds to the creditors.
Individual Voluntary Arrangements
An individual voluntary arrangement (IVA) is an alternative to bankruptcy. It is a legal process that gives an individual, struggling with debts, protection from creditors. The procedure enables the individual to put a proposal to his creditors for a composition in satisfaction of his debts or a scheme of arrangement of his affairs.