Fast track voluntary arrangements
Fast-Track Voluntary Arrangements (FTVAs) have been abolished in England and Wales, so no new ones can be made. Existing FTVAs will continue until they are completed.
What is an FTVA?
An FTVA is a type of Individual Voluntary Arrangement (IVA) which is an alternative to bankruptcy. It is a formal, legally binding debt solution which involves paying off your debts in part over a period of time. It is approved by the court and your creditors have to stick to it.
An FTVA must be set up by the Official Receiver. Once the FTVA is made the bankruptcy order is cancelled.