What is the IVA Register?
The IVA Register is one part of a publicly accessible register in the UK, known officially as the Individual Insolvency Register. It’s maintained by the Insolvency Service, a government body mandated to provide ‘a transparent record of individuals that have become insolvent’. The Individual Insolvency Register includes the IVA register, as well as debt recovery orders, and bankruptcy.
The IVA Register is not for people or companies in the European Union (EU), and it’s generally not for debts to HMRC nor secured loans, mortgages, or rent. There are other insolvency solutions rather than IVAs for these debts.
All IVAs must be implemented by insolvency practitioners who will ensure that the IVA is appropriately registered, and the formal debt repayment arrangement is followed. Once an IVA commences it will be recorded on the IVA Register and remain there for the duration of the IVA (five or six years). The record is generally removed from the IVA Register three months after the IVA’s completion.
Is There a Public Record of IVAs?
The Individual Voluntary Arrangement Register (IVA Register) is a public record of IVAs in the UK. It can be accessed online or in person at a branch of the official receiver’s office.
The IVA Register includes details such as the name, gender, date of birth, last known address, and occupation of the person with the IVA. It also includes the date the IVA was set up and the name of the insolvency practitioner (nominee).
The IVA Register UK is considered a great resource for anyone doing due diligence around someone’s ability to meet their financial obligations and/or repay loans. This can include employees, landlords, and financial institutes and other lenders.
Under the Insolvency Act 1986, UK law states that ‘anyone has the right to access insolvency records, not just credit reference agencies’. In saying that, as explained by MoneyNerd.com, individual records are not indexed to search engines. You can only find an insolvency record by searching specifically on the IVA Register.
How Do I Check If a Company Has an IVA?
As the name suggests, the Individual Voluntary Arrangements Register is for individuals with that formal debt repayment structure (IVA). You can check the IVA Register UK to see if an individual has an IVA. You can also check the IVA Register by name or trading name to see if a company operating as a sole trader has an IVA.
If the sole trader is in England or Wales, you can check the IVA Register here.
As mentioned previously, you can do an online search of the IVA Register or by physically visiting an official receiver’s office.
Why Is My Company not on the IVA Register?
Unless you are operating as a sole trader, your company will not appear on the Individual Voluntary Arrangements Register. Any other company will not be eligible for an IVA, rather will have a company voluntary arrangement (CVA) if they choose this debt repayment option. Like IVAs, a CVA must be proposed and implemented by an insolvency practitioner and must be approved by at least 75% of creditors in order to begin.
Other reasons your company may not be on the IVA Register include:
- The IVA has not yet commenced.
- Three or more months have passed since your IVA was completed or terminated.
- Your company (sole trader) is located in Northern Ireland or Scotland, and it is listed on the appropriate register for those regions rather than the general IVA Register UK.
If you think there has been an error, and your company should be on the Individual Voluntary Insolvency Register, you can contact the Insolvency Service to ensure details are correct and up to date. Any questions about your IVA and the IVA Register can also be directed to your insolvency practitioner, the nominee implementing your IVA,
How Can Irwin Insolvency Help with Your IVA Questions?
Still unsure about how being on the IVA Register could impact your business? Or perhaps you’re wondering about individual voluntary arrangements as a debt recovery option? Irwin Insolvency has insolvency experts experienced in guiding individuals and companies towards sound financial outcomes. Irwin Insolvency can look at your individual circumstances and assess your best way forward. Contact Irwin Insolvency for professional and tailored solvency advice.