Sole/part Alt Insolvency

Question 1

Negotiate

Answer 1

Time or reduction

Question 2

IVA

Answer 2

C except reduced amount on payment at a different time.
D prepare statement of affairs apply for interim court order prevent C from filing bank petition

Prepare proposals and call meeting

Approval by 75%+. If approved binding on all C

IP supervise and implement

Debtor fail to comply or breach, petition for debtor bankruptcy

Question 3

Bankruptcy

Answer 3

Passed to third-party
official receiver appointed
once application made C stop chasing

property automatically vests to T allowed to keep things for day-to-day

pay C in order of priority