However, it goes one step further than the Statement of Affairs. It also includes a proposal to the Creditors detailing how much money they are likely to receive back if they accept an IVA and what will happen to the Debtors Assets (house, savings etc) during the IVA.

The IVA Proposal must be drafted by an Insolvency Practitioner and signed by the Debtor. A copy of the document can then be posted to all Creditors for their consideration.