3. What terms and conditions must I meet to avail the Individual Voluntary Arrangement?

The Hong Kong Professional Debt Relief Centre aims to ensure that both parties (the debtor and all the involved creditors) benefit from IVA in Hong Kong. Not all debt situations have a 100% chance of success through IVA in HK. So, your case must have a likely chance of success for your application to be approved. Once we approve your application, you must be willing to take an oath to abide by the new rules of the proposal. Finally, once the proposal/interim order has been submitted and filed in court, a majority of your creditors must agree to the new repayment proposal drawn up by us. Then, and only then, will IVA in Hong Kong be implemented.