||All England Reporter
|| All ER (D) 363 (Oct)
||Court of Appeal, Civil Division
Aldous and Dyson LJJ
||Tim Hirst (instructed by Messengers, Scarborough) for the claimant.
||Ian Holtum (instructed by James Chapman & Co, Manchester) for the defendant.
||24 October 2002
Bankruptcy and insolvency - Individual voluntary arrangement - No presumption against construing an individual voluntary arrangement as creating a trust - Debtor claiming that individual voluntary arrangement normally creating not trust but contract between debtor and creditors.
There was no presumption against construing an individual voluntary arrangement (IVA) as creating a trust. The courts should be slow to find that a trust had not been created by an IVA. The same policy considerations which applied to company voluntary arrangements and favoured construing them as trusts also applied to IVAs: if IVAs were not so construed, creditors would have less incentive to enter into them.
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