Fast Track Voluntary Arrangement (FTVA)

A Fast Track Voluntary Arrangement (FTVA) is a formal agreement between an individual or business struggling with debt and their creditors. It allows them to pay back a portion of their debts over a set period, usually three to five years, without needing to sell assets. The process is expedited, making it quicker to set up than standard arrangements. Creditors may agree to this plan to recover some funds, and it provides debtors with relief from immediate financial pressures while they stabilize their situation. FTVAs promote cooperation and aim for a fair resolution for everyone involved.