individual voluntary arrangement



  • noun
    (written as Individual Voluntary Arrangement)
    a legally binding arrangement between a debtor and creditors by which the debtor offers the creditors the best deal he or she can afford by realising his assets, and so the expense of bankruptcy proceedings is avoided.


  • noun a court approved scheme between a person and his or her creditors which determines how the debts will be discharged, used as an alternative to bankruptcy.