Insolvency

Trade and Industry written question – answered on 5th February 2007.

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Photo of Tim Loughton Tim Loughton Shadow Minister (Children)

To ask the Secretary of State for Trade and Industry what the waiting time is for agreement of (a) individual voluntary arrangements and (b) company voluntary arrangements in the case of individual insolvencies and company liquidations listed for hearing at the Insolvency Courts (i) in England and Wales, (ii) within the South East and (iii) under the jurisdiction of the Brighton Office of the Insolvency Service.

Photo of Jim Fitzpatrick Jim Fitzpatrick Parliamentary Under-Secretary (Employment Relations & Postal Services)

Apart from a very small number of individual voluntary arrangements (IVAs) that are preceded by the court making an interim order, the process of obtaining the agreement of creditors to either an IVA or a company voluntary arrangement (CVA) does not involve any court hearing.

The chairman of the creditors' meeting in both individual voluntary arrangements and company voluntary arrangements files a report of the outcome of the meeting at court, and in some circumstances certain persons can apply to court to challenge a decision taken at that meeting although this rarely occurs in practice.

The following table shows the number of IVAs and CVAs for England and Wales in 2006. This information is not available at a sub-national level.

Number
2006
IVAs 44,332
CVAs 534

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