In March 2002, Yip, Tse & Tang launched a debt legal service serving debtors' need. The service is known as Individual Voluntary Arrangement (IVA) which is a statutory alternative to bankruptcy under the laws.
IVA 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," said Mr. Thomas Tse, inventor of IVA.com.hk and partner of Yip, Tse & Tang . 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 new kind of legal service.
IVA applicants are only required to pay $2,000 as initial cost to start with a repayment proposal. "Our IVA service is built upon the solid foundation we have acquired on our bankruptcy legal service. We are experienced in communicating with banks and finance companies. That can facilitate our early reach of a compromise repayment plan between debtors and creditors," said Mr. Thomas Tse. The firm is now processing a large number of IVA cases. Proposal has been prepared and application for interim order has been made on a number of cases. Many IVA proposals have also been passed to creditors' meetings' approval. Approved IVAs can be verified in the public register placed with the Official Receiver's Office.
"The new service is proven to be very successful. By April, 2008, we have applied to the Court over 1,200 interim orders for the purpose of convening creditors' meetings and creditors meetings have been summoned and held at the offices of Yip, Tse & Tang for consideration of the debtors' proposals," said Mr. Thomas Tse.
