Debt Advice - Interim Order

Interim Order

If you are experiencing significant and immediate pressure from your creditors, such as threats of legal action or bankruptcy proceedings, you may well benefit from the protection of an Interim Order.

An individual who is intending to propose an IVA can apply for an Interim Order with the assistance of their nominee.

An application for an interim order is made to the court which requests that you are given a period of time (usually 28 days) within which to make a proposal to your creditors.

If granted, the interim order basically prevents all creditors from pursuing any legal proceedings against you. If legal proceedings have been commenced, then they are frozen at the stage they have reached.

During the period when you have interim order protection your creditors can then consider whether or not to agree to the terms you have proposed.

You should note that it is only possible to apply for one interim order during a 12-month period.

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