If Creditors accept an IVA, they are all legally bound by its terms. This means that they cannot make any demands for payments or assets over and above those stated in the IVA.
However this does not mean that the IVA is totally fixed for its duration. If the Debtor’s circumstances change while the IVA is in place, then there is the possibility that the terms of the IVA will be varied to take these changes into account. For example, an increase in income may result in IVA payments having to increase.
The Insolvency Practitioner will review the Debtor’s circumstances at least once a year in the Annual Review.
They will then report any changes and proposed actions to the Creditors.