Interim Order
What is an Interim Order?
An Interim Order is a court order that can be used as part of the IVA process to stop any further court recovery action being taken by an individual?s creditors whilst the IVA proposal is being prepared.
Insolvency Practitioners often use Interim Orders when the IVA case is likely to be more complicated and as such will take longer to put together the IVA proposal to all creditors.
An interim order has the effect that, during the period for which it is in force;
- No bankruptcy petition relating to you (the debtor) may be presented or proceeded with, and
- No other proceedings, and no execution or other legal process, may be commenced or continued against you (the debtor) or your property except with the leave of the court.
Application for an interim order
Application to the court for an interim order may be made where you (the debtor) intend to make a proposal to your creditors in satisfaction of your debts or a scheme of arrangement of your affairs referred to, in either case, as a "Voluntary Arrangement".
Creditor
Someone you owe money to.
Unsecured lending
Total loan & credit card debts excluding your mortgage and any hire purchase.
Country
The country you currently live in.
Insolvency Practitioners
Also known as an IP, a person who specialises in formal insolvency cases.
Valuations
The process of determing the current value of an asset.
Equity
The difference between the market value of a property and the claims held against it.
Lender
Someone you owe money to.
Eviction Order
A court order by which a person may be evicted.
Arrears
An unpaid and overdue debt.
Disposable Income
The amount of income left to an individual after taxes have been paid, available for spending and saving.
Statement of Affairs
A financial report showing assets and liabilities at expected liquidation values and shareholders' equity.
Insolvent
Unable to meet debt obligations.
Secured Loan
Money borrowed using goods or property as a guarantee.