In March 2002, Yip, Tse & Tang launched a new debt legal service serving the needs of Hong Kong debtors. The service is known as Individual Voluntary Arrangement (IVA) which is a statutory alternative to bankruptcy under the laws (Bankruptcy Ordinance). IVA is a debt restructuring scheme and has the benefit of avoiding bankruptcy.
IVA is a 'win-win' debt solution to creditors and debtors. Some debtors, such as civil servants, well-paid managers or professionals don't like bankruptcy. IVA applicants can be credit card debtors or undischarged bankrupts. The firm has teamed up with skilled debt analyst and experienced certified public accountant to provide this legal service.
LOW AND AFFORDABLE LEGAL COST
IVA applicants are only required to pay $2,000 as initial legal cost to start with a repayment proposal. Our IVA legal service is built upon the solid foundation we have acquired in our bankruptcy legal service. Our lawyers are experienced in communicating with banks and finance companies. That facilitates our early reach of a compromise repayment plan between debtors and creditors
TRACK RECORDS: MORE THAN 1200 IVA APPROVED
By April, 2008, our lawyers have over 1,200 IVA legal applications approved by banks and finance companies.
LOWER LEGAL COST AND MORE EFFICIENT OPTION: DRP
Some debtors may be suitable for Debt Relief Plan (DRP). Unlike IVA, DRP are not legal proceedings. DRP is achieved by private negotiations with banks and finance companies. Comparing with IVA, DRP is inexpensive and more efficient. However, not all debtors are suitable for the DRP solution.