ABSTRACT
The Insolvency Act 1986 sets out the details that must be contained in the proposal. These include a short explanation as to why the debtor thinks an IVA is desirable and why the creditors may be expected to agree to it, details of all assets and liabilities (differentiating between secured, preferential and unsecured liabilities), whether there had been any transactions which could be reopened in bankruptcy (such as preferences) and what the cost of the IVA is likely to be.
