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It is not a legal requirement to take out an Interim Order if you are going to propose an IVA.
Your Insolvency Practitioner will decide with you whether this is necessary or not.
Normally it will only be done if one of your creditors is currently taking serious action against you � for example petitioning for your bankruptcy � which would not be in the best interests of all your creditors
An interim order is there for the protection of individuals who are seeking an IVA. This order protects them against any creditor who might be pursuinga bankruptcy order against them.
If you are facing a debt problem, you�re not legally obliged to get an interim order. However, it does make life easier and it should make the IVA process more straight forward.
The insolvency practitioner should be able to advise whether an interim order is a good idea and is necessary. It is generally only applicable to someone whose creditors are threatening to apply for a bankruptcy charge against them. This would only be to that one creditor�s advantage though. It would actually be to the detriment of the other creditors to whom you owe money.
Speak to a qualified insolvency practitioner to find out whether an interim order would be a good idea.
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Interim Order
