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Types of insolvency It helps to understand the main types of insolvency (for more detailed information see www.insolvency.gov.uk). Bankruptcy Bankruptcy can only apply to individuals (including sole traders and individual members of a partnership). Bankruptcy petitions may be presented to the court by the individual, by creditors who are owed £750 or more, or by the supervisor of an individual voluntary arrangement. A bankruptcy order is made by the court. Individual Voluntary Arrangement (IVA) An individual comes to an arrangement with creditors to pay his/her debts in full or in part over time as an alternative to bankruptcy. The arrangement