IVA (Individual Voluntary Arrangements)
An IVA is essentially a contract between an individual and his or her creditors to repay a proportion of their debts over a period of time. It is often an attractive alternative to bankruptcy. The individual may raise funds by disposing of some assets, arrange for a third party to provide funds and/or make voluntary contributions for the benefit of the creditors from his income
This is usually a creditor driven process, which follows a court winding-up order, usually on the petition of a creditor. It is a creditor’s action of last resort in attempting to collect an outstanding debt.
In the event that an IVA is not appropriate then bankruptcy may be the correct course for you to take as an individual. You may present your own bankruptcy petition (a debtors petition) or you may, be forced into bankruptcy if a creditor petitions the court (a creditors petition)