5. What is the difference between Individual Voluntary Arrangement in Hong Kong and Interbank Debt Relief Plans?

The Individual Voluntary Arrangement Hong Kong takes into account all the creditors involved, and payment must be made to all the individual creditors. In the case of the Interbank Plans, negotiations are made only with the largest creditor, who also takes over all the other debts owed to the other creditors. According to the interbank plan, the debtor will only have to pay the largest creditor the agreed-upon amount.