What is the first step in the process of an Individual Voluntary Arrangement?

In the process of an Individual Voluntary Arrangement (IVA), the initial step involves appointing a nominee. This appointment is crucial as the nominee is responsible for overseeing the IVA process, including preparing the proposal to be presented to creditors. The nominee ensures that the proposal is viable and meets the necessary legal requirements before it is submitted for consideration.

Once the nominee is in place, they will also assist in creating a statement of affairs and liaising with creditors to gain their approval for the proposed arrangement. This step is essential because the nominee serves as a point of expertise and support throughout the IVA process, ensuring that the arrangement is structured correctly to meet both legal standards and the needs of the debtor and creditors.