Editing Debtor (section)

==Debtor in Bankruptcy and Individual Voluntary Arrangements==
An [[Individual Voluntary Arrangement]] is a legally binding arrangement supervised by a licensed [[Insolvency Practitioner]], the purpose of which is to enable an individual, sole trader or Partner ("the Debtor") to reach a compromise with his creditors and avoid the consequences of bankruptcy. The compromise should offer a larger repayment towards the creditor's debt than could otherwise be expected were the Debtor to be made bankrupt. This is often facilitated by the Debtor making contributions to the arrangement from his income over a designated period or from a third party contribution or other sources that would not ordinarily be available to a Trustee in [[Bankruptcy]].<ref name="A guide to individual voluntary agreements">{{cite web|url=http://www.mw-w.com/a-guide-to-individual-voluntary-arrangements.html|title=A guide to individual voluntary agreements|publisher=McTear Williams & Wood|access-date=2014-11-12}}</ref>