Debtor in Bankruptcy and Individual Voluntary Arrangements
An Individual Voluntary Arrangement is a legally binding arrangement supervised by a licensed Insolvency Practitioner, the purpose of which is to enable an individual, sole trader or Partner ("the Debtor") to reach a compromise with his creditors and avoid the consequences of bankruptcy. The compromise should offer a larger repayment towards the creditor's debt than could otherwise be expected were the Debtor to be made bankrupt. This is often facilitated by the Debtor making contributions to the arrangement from his income over a designated period or from a third party contribution or other source that would not ordinarily be available to a Trustee in Bankruptcy.
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Famous quotes containing the words debtor, bankruptcy, individual, voluntary and/or arrangements:
“Every novel is a debtor to Homer.”
—Ralph Waldo Emerson (1803–1882)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)
“The trouble with the sacred Individual is that he has no significance, except as he can acquire it from others, from the social whole.”
—Bernard Devoto (1897–1955)
“I am willing to pledge myself that if the time should ever come that the voluntary agencies of the country together with the local and state governments are unable to find resources with which to prevent hunger and suffering ... I will ask the aid of every resource of the Federal Government.... I have the faith in the American people that such a day will not come.”
—Herbert Hoover (1874–1964)
“Autonomy means women defining themselves and the values by which they will live, and beginning to think of institutional arrangements which will order their environment in line with their needs.... Autonomy means moving out from a world in which one is born to marginality, to a past without meaning, and a future determined by others—into a world in which one acts and chooses, aware of a meaningful past and free to shape one’s future.”
—Gerda Lerner (b. 1920)