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SIVAs or Simplified Individual Voluntary Arrangement (SIVA) is a proposed new form IVA, a method of clearing debt without being declared bankrupt. Simplified Individual Voluntary Arrangements will likely have two tiers. Tier 1 having an upper limit of £25-30,000 and Tier 2 an upper limit of £75,000. A SIVA Tier 1 agreement will not need a majority vote to proceed while a SIVA Tier 2 will continue to require a vote, but will only need a 51% agreement from the creditors, rather than the current 75%.
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