IVA
noun[C]
LAWukusabbreviationforindividualvoluntaryagreement: anarrangementin the UK between apersonorcompanythatowesmoneyand thepeopleorcompaniestheyowe. An IVAallowsthepersonorcompanythatowesmoneytoavoidformallygoingbankrupt:
Thedebtormust makepaymentstocreditorsasspecifiedin the IVA.