INDIVIDUAL VOLUNTARY ARRANGEMENT (IVA)
A voluntary arrangement for an individual is a procedure whereby the person comes to an arrangement with his creditors in how their debt will be discharged. Such a scheme requires the approval of the court and is under the control of a supervisor.


INSOLVENT
The state of not being able to pay one's debts as they fall due or having an excess of liabilities over assets.


INSOLVENCY ACT 1986 (IA 1986)
Primary legislation governing insolvency law and practice. Nevertheless, many other statues and statutory instruments are also relevant.


INSOLVENT LIQUIDATION
A company goes into insolvent liquidation if it goes into liquidation at a time when assets are insufficient for the payment of its debts and other liabilities and the expenses of liquidation.


INSOLVENCY PRACTITIONER (IP)
Person authorised by one of the chartered accountancy bodies, the Law Societies, The Insolvency Practitioners Association or the Department of Trade. The only person who may act as office holder in an insolvency proceeding.


INSOLVENCY RULES
The Insolvency Rules 1986, as amended, provide the detailed working procedures for the provisions of the Insolvency Act 1986.


INSOLVENCY RULES (IA 1986)
The Insolvency Rules 1986 (as amended) these Rules apply where the Act applies. Where the old Act continue to apply so do the Bankruptcy Rules 1952 and the Companies (Winding Up) Rules 1949. There are separate rules dealing with insolvent partnerships, insolvent deceased's estates and deeds of arrangement.


INTERIM ORDER
An individual who intends to propose a voluntary arrangement to his creditors may apply to the court for an interim order which, if granted, precludes bankruptcy and other legal proceedings whilst the order is in force.


INVESTORS' COMPENSATION SCHEME
A statutory scheme operated by the SIB (Securities and Investments Board) to give individual investors up to £48,000 protection if an authorised investment business collapses.

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